Lorne Steinberg Wealth Management Inc. Sells 37,310 Shares of Brookfield Corporation (NYSE:BN)

Lorne Steinberg Wealth Management Inc. lowered its stake in shares of Brookfield Corporation (NYSE:BN - Free Report) by 26.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,462 shares of the company's stock after selling 37,310 shares during the period. Lorne Steinberg Wealth Management Inc.'s holdings in Brookfield were worth $5,315,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of BN. Norges Bank acquired a new stake in Brookfield in the fourth quarter worth $973,591,000. Baillie Gifford & Co. increased its position in shares of Brookfield by 809.5% in the 4th quarter. Baillie Gifford & Co. now owns 3,675,524 shares of the company's stock valued at $211,159,000 after buying an additional 3,271,403 shares in the last quarter. Regents of The University of California acquired a new stake in Brookfield during the 4th quarter worth $154,140,000. Geode Capital Management LLC lifted its holdings in Brookfield by 32.0% during the fourth quarter. Geode Capital Management LLC now owns 7,960,098 shares of the company's stock worth $460,489,000 after acquiring an additional 1,930,218 shares in the last quarter. Finally, Capital World Investors grew its stake in Brookfield by 3.1% in the fourth quarter. Capital World Investors now owns 59,020,303 shares of the company's stock valued at $3,390,786,000 after acquiring an additional 1,782,034 shares during the period. 61.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BN has been the topic of several recent analyst reports. Wall Street Zen upgraded Brookfield from a "sell" rating to a "hold" rating in a report on Sunday, June 8th. Royal Bank Of Canada started coverage on shares of Brookfield in a report on Wednesday. They issued an "outperform" rating and a $81.00 price target for the company. Scotiabank dropped their price objective on shares of Brookfield from $71.00 to $68.00 and set a "sector outperform" rating on the stock in a report on Monday, April 7th. TD Securities reduced their target price on shares of Brookfield from $77.00 to $74.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, JPMorgan Chase & Co. dropped their price target on Brookfield from $66.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Brookfield presently has an average rating of "Moderate Buy" and a consensus target price of $66.13.

Brookfield Stock Up 2.5%

Shares of NYSE:BN traded up $1.47 during midday trading on Thursday, reaching $59.45. The company had a trading volume of 2,505,739 shares, compared to its average volume of 2,653,087. Brookfield Corporation has a 1-year low of $40.04 and a 1-year high of $62.78. The stock has a market cap of $97.97 billion, a PE ratio of 212.31 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 1.30 and a debt-to-equity ratio of 1.49. The business's 50 day moving average price is $55.66 and its 200 day moving average price is $56.18.

Brookfield (NYSE:BN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.08. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. Brookfield had a return on equity of 4.20% and a net margin of 0.76%. Research analysts forecast that Brookfield Corporation will post 3.85 EPS for the current fiscal year.

Brookfield Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.61%. Brookfield's dividend payout ratio (DPR) is 128.57%.

About Brookfield

Brookfield Corporation is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.