PNC Financial Services Group Inc. Buys 12,666 Shares of Brookfield Corporation (NYSE:BN)

Key Points

• PNC Financial Services Group Inc. increased its stake in Brookfield Corporation by 7.7%, acquiring an additional 12,666 shares to reach a total of 178,082 shares worth approximately $9.33 million.
• Brookfield Corporation reported an EPS of $0.98 for the last quarter, surpassing analysts' expectations, with revenues of $1.37 billion compared to estimated $1.36 billion.
• The company's recent dividend announcement included a quarterly payment of $0.09 per share, translating to an annual yield of 0.5%, despite a high payout ratio of 128.57%.

PNC Financial Services Group Inc. grew its holdings in Brookfield Corporation (NYSE:BN - Free Report) by 7.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 178,082 shares of the company's stock after purchasing an additional 12,666 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Brookfield were worth $9,333,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. TIAA Trust National Association boosted its holdings in Brookfield by 8.3% during the first quarter. TIAA Trust National Association now owns 23,021 shares of the company's stock worth $1,207,000 after buying an additional 1,762 shares during the last quarter. Heritage Wealth Advisors boosted its stake in Brookfield by 2.2% during the 1st quarter. Heritage Wealth Advisors now owns 1,095,778 shares of the company's stock worth $57,430,000 after acquiring an additional 24,039 shares during the last quarter. Alberta Investment Management Corp grew its holdings in Brookfield by 2.9% during the first quarter. Alberta Investment Management Corp now owns 4,458,782 shares of the company's stock valued at $233,310,000 after purchasing an additional 123,791 shares during the period. US Bancorp DE increased its stake in Brookfield by 6.8% in the first quarter. US Bancorp DE now owns 45,081 shares of the company's stock valued at $2,363,000 after purchasing an additional 2,876 shares in the last quarter. Finally, XTX Topco Ltd increased its stake in Brookfield by 214.8% in the first quarter. XTX Topco Ltd now owns 54,729 shares of the company's stock valued at $2,868,000 after purchasing an additional 37,341 shares in the last quarter. Institutional investors and hedge funds own 61.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BN. National Bankshares set a $82.00 price target on shares of Brookfield and gave the company an "outperform" rating in a report on Tuesday, July 29th. Scotiabank lifted their target price on Brookfield from $69.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. CIBC lowered their price target on Brookfield from $74.00 to $72.00 and set an "outperformer" rating for the company in a report on Friday, May 9th. Morgan Stanley reaffirmed an "overweight" rating on shares of Brookfield in a research report on Monday, May 19th. Finally, TD Securities boosted their price objective on Brookfield from $74.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.80.

Brookfield Stock Down 3.8%

Shares of BN stock traded down $2.59 on Thursday, hitting $64.90. 4,753,285 shares of the stock were exchanged, compared to its average volume of 2,584,286. The company has a current ratio of 1.30, a quick ratio of 1.18 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $107.01 billion, a P/E ratio of 231.80 and a beta of 1.70. Brookfield Corporation has a fifty-two week low of $42.39 and a fifty-two week high of $68.75. The business has a 50-day moving average of $62.73 and a 200 day moving average of $57.78.

Shares of Brookfield are set to split on Friday, October 10th. The 3-2 split was announced on Thursday, August 7th. The newly created shares will be distributed to shareholders after the market closes on Thursday, October 9th.

Brookfield (NYSE:BN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.08. The business 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%. Equities analysts anticipate that Brookfield Corporation will post 3.85 EPS for the current year.

Brookfield Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Friday, June 13th. Brookfield's payout ratio 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.