Bank of Nova Scotia Lowers Holdings in Brookfield Corporation $BN

Key Points

• Bank of Nova Scotia trimmed its stake in Brookfield by 9.1% in Q3, selling 1,204,304 shares and leaving it with 12,058,881 shares valued at about $826.46 million (≈0.49% of Brookfield), making BN its 14th-largest holding.
• Brookfield beat quarterly EPS estimates ($0.67 vs. $0.61), matched revenue expectations, and raised its quarterly dividend to $0.07 (annualized $0.28, ~0.7% yield; ex-dividend Mar 17, payable Mar 31).
• Analyst sentiment is a Moderate Buy with an average price target of $54.59, and several firms recently raised ratings/targets (e.g., Morgan Stanley $60 overweight; RBC $51 outperform; National Bank Financial $59 outperform).

Bank of Nova Scotia decreased its holdings in shares of Brookfield Corporation (NYSE:BN - Free Report) by 9.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,058,881 shares of the company's stock after selling 1,204,304 shares during the quarter. Brookfield comprises 1.5% of Bank of Nova Scotia's holdings, making the stock its 14th largest holding. Bank of Nova Scotia owned approximately 0.49% of Brookfield worth $826,462,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Brookfield during the 2nd quarter worth $32,000. First Horizon Corp acquired a new stake in shares of Brookfield during the 3rd quarter worth about $40,000. Cary Street Partners Investment Advisory LLC raised its holdings in Brookfield by 109.3% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 632 shares of the company's stock valued at $39,000 after buying an additional 330 shares during the period. Versant Capital Management Inc lifted its position in Brookfield by 507.5% in the third quarter. Versant Capital Management Inc now owns 650 shares of the company's stock valued at $45,000 after buying an additional 543 shares during the last quarter. Finally, Financial Gravity Companies Inc. acquired a new position in Brookfield in the second quarter valued at about $51,000. Institutional investors and hedge funds own 61.60% of the company's stock.

Brookfield Stock Down 1.0%

Shares of NYSE:BN opened at $38.38 on Friday. The firm has a market capitalization of $94.01 billion, a PE ratio of 77.79 and a beta of 1.58. Brookfield Corporation has a 1 year low of $29.07 and a 1 year high of $49.56. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.32 and a quick ratio of 1.21. The firm's 50-day moving average is $45.60 and its two-hundred day moving average is $45.59.

Brookfield (NYSE:BN - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.61 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Brookfield had a net margin of 1.74% and a return on equity of 3.87%. Analysts predict that Brookfield Corporation will post 3.85 EPS for the current year.

Brookfield Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.07 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.28 annualized dividend and a yield of 0.7%. This is a boost from Brookfield's previous quarterly dividend of $0.06. Brookfield's dividend payout ratio is 48.98%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BN. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Brookfield in a research note on Monday, December 29th. Morgan Stanley restated an "overweight" rating and issued a $60.00 price objective on shares of Brookfield in a report on Tuesday, February 17th. Royal Bank Of Canada increased their price objective on shares of Brookfield from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Brookfield from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. Finally, National Bank Financial boosted their target price on Brookfield from $56.00 to $59.00 and gave the company an "outperform" rating in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $54.59.

About Brookfield

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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