Lazard Asset Management LLC Sells 264,177 Shares of Brookfield Corporation $BN

Key Points

• Lazard Asset Management cut its Brookfield stake by 23.8% in the first quarter, selling 264,177 shares and retaining 847,412 shares worth approximately $34.3 million.
• Brookfield shares opened at $42.47, below their 50-day and 200-day moving averages, with a 52-week range of $37.93 to $49.56. Institutional investors own 61.6% of the company.
• Analysts remain broadly positive, assigning Brookfield a “Moderate Buy” consensus rating and an average price target of $56.64, while the company pays a quarterly dividend of $0.07 per share.

Lazard Asset Management LLC lessened its holdings in Brookfield Corporation (NYSE:BN - Free Report) by 23.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 847,412 shares of the company's stock after selling 264,177 shares during the period. Lazard Asset Management LLC's holdings in Brookfield were worth $34,345,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BN. MCF Advisors LLC acquired a new position in shares of Brookfield in the 4th quarter worth approximately $26,000. Quattro Advisors LLC bought a new position in shares of Brookfield during the 4th quarter worth approximately $26,000. Exchange Traded Concepts LLC bought a new position in shares of Brookfield during the 4th quarter worth approximately $27,000. Truvestments Capital LLC boosted its stake in Brookfield by 49.9% in the 4th quarter. Truvestments Capital LLC now owns 640 shares of the company's stock valued at $29,000 after buying an additional 213 shares in the last quarter. Finally, New England Capital Financial Advisors LLC boosted its stake in Brookfield by 50.2% in the 4th quarter. New England Capital Financial Advisors LLC now owns 751 shares of the company's stock valued at $34,000 after buying an additional 251 shares in the last quarter. Institutional investors own 61.60% of the company's stock.

Brookfield Price Performance

Brookfield stock opened at $42.47 on Wednesday. The business's fifty day moving average is $44.02 and its two-hundred day moving average is $44.23. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.20 and a current ratio of 1.32. The firm has a market cap of $104.09 billion, a P/E ratio of 83.26 and a beta of 1.54. Brookfield Corporation has a 52 week low of $37.93 and a 52 week high of $49.56.

Brookfield Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Royal Bank Of Canada dropped their price objective on Brookfield from $63.00 to $61.00 and set an "outperform" rating for the company in a research note on Friday, May 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Brookfield in a report on Wednesday, June 24th. Scotia boosted their target price on shares of Brookfield from $48.50 to $53.00 and gave the company a "sector outperform" rating in a research note on Friday, May 15th. Scotiabank reiterated an "outperform" rating and set a $53.00 target price (up from $48.50) on shares of Brookfield in a research report on Friday, May 15th. Finally, Morgan Stanley set a $59.00 price target on shares of Brookfield and gave the company an "overweight" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $56.64.

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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