Bank of Nova Scotia Increases Holdings in Brookfield Corporation $BN

Key Points

• Bank of Nova Scotia increased its Brookfield Corporation stake by 11.4% in the first quarter, buying an additional 1.58 million shares and bringing its holdings to 15.34 million shares worth about $621.4 million.
• Several other institutional investors also raised their positions in Brookfield, and the stock remains heavily owned by institutions, with 61.6% of shares held by hedge funds and other institutional investors.
• Brookfield shares were down 1.4% to $41.23, while analysts continue to be generally positive, with an average rating of Moderate Buy and an average price target of $56.64.

Bank of Nova Scotia grew its stake in Brookfield Corporation (NYSE:BN - Free Report) by 11.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,340,928 shares of the company's stock after acquiring an additional 1,575,668 shares during the quarter. Brookfield accounts for 1.0% of Bank of Nova Scotia's portfolio, making the stock its 18th biggest holding. Bank of Nova Scotia owned about 0.63% of Brookfield worth $621,443,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the stock. Gibbs Wealth Management increased its holdings in shares of Brookfield by 38.2% during the first quarter. Gibbs Wealth Management now owns 9,625 shares of the company's stock valued at $390,000 after acquiring an additional 2,659 shares in the last quarter. Sei Investments Co. boosted its stake in Brookfield by 131.8% in the 1st quarter. Sei Investments Co. now owns 315,082 shares of the company's stock worth $12,751,000 after purchasing an additional 179,149 shares in the last quarter. Lido Advisors LLC grew its position in Brookfield by 57.1% during the 1st quarter. Lido Advisors LLC now owns 37,788 shares of the company's stock valued at $1,529,000 after purchasing an additional 13,729 shares during the last quarter. Walleye Capital LLC purchased a new stake in Brookfield during the 1st quarter valued at about $265,000. Finally, State of Wyoming increased its stake in Brookfield by 6.0% during the 1st quarter. State of Wyoming now owns 5,151 shares of the company's stock valued at $208,000 after purchasing an additional 290 shares in the last quarter. 61.60% of the stock is owned by hedge funds and other institutional investors.

Brookfield Stock Down 1.4%

Shares of Brookfield stock opened at $41.23 on Friday. Brookfield Corporation has a twelve month low of $37.93 and a twelve month high of $49.56. The company has a quick ratio of 1.20, a current ratio of 1.32 and a debt-to-equity ratio of 1.54. The company's 50 day moving average is $44.19 and its 200 day moving average is $44.36. The company has a market cap of $101.06 billion, a price-to-earnings ratio of 80.84 and a beta of 1.54.

Brookfield Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 15th. Brookfield's dividend payout ratio is presently 54.90%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Scotiabank reaffirmed an "outperform" rating and issued a $53.00 target price (up from $48.50) on shares of Brookfield in a report on Friday, May 15th. TD Securities reissued a "buy" rating and set a $60.00 price target on shares of Brookfield in a research report on Tuesday, May 19th. Scotia boosted their price objective on shares of Brookfield from $48.50 to $53.00 and gave the stock a "sector outperform" rating in a report on Friday, May 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Brookfield in a research report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. increased their target price on Brookfield from $60.00 to $62.00 and gave the company an "overweight" rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.64.

Brookfield Company Profile

Brookfield Corporation NYSE: BN is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long‑lived, cash‑generating assets.

Brookfield's services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.

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