Principal Financial Group Inc. Sells 1,227,316 Shares of Brookfield Corporation $BN

Key Points

• Principal Financial Group trimmed its Brookfield Corporation stake by 1.9% in the first quarter, selling 1,227,316 shares and still holding 63,823,308 shares valued at about $2.58 billion.
• Despite the sale, Brookfield remains a major holding for Principal Financial Group, representing 1.4% of its portfolio and its 7th largest position.
• Analysts remain broadly positive on Brookfield, with a consensus “Moderate Buy” rating and an average price target of $56.82, while the stock last traded at $43.38.

Principal Financial Group Inc. reduced its stake in shares of Brookfield Corporation (NYSE:BN - Free Report) by 1.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,823,308 shares of the company's stock after selling 1,227,316 shares during the quarter. Brookfield comprises 1.4% of Principal Financial Group Inc.'s portfolio, making the stock its 7th biggest position. Principal Financial Group Inc. owned 2.60% of Brookfield worth $2,582,913,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of BN. Chemistry Wealth Management LLC increased its holdings in shares of Brookfield by 51.6% in the fourth quarter. Chemistry Wealth Management LLC now owns 437,620 shares of the company's stock worth $20,082,000 after acquiring an additional 148,893 shares in the last quarter. Florida Trust Wealth Management Co lifted its holdings in shares of Brookfield by 49.0% during the 4th quarter. Florida Trust Wealth Management Co now owns 1,176,417 shares of the company's stock valued at $53,986,000 after purchasing an additional 387,068 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Brookfield by 52.1% in the 4th quarter. Vanguard Group Inc. now owns 92,103,120 shares of the company's stock valued at $4,228,915,000 after purchasing an additional 31,543,313 shares during the period. Lincluden Management Ltd. increased its stake in Brookfield by 44.2% during the 4th quarter. Lincluden Management Ltd. now owns 763,376 shares of the company's stock worth $35,031,000 after purchasing an additional 233,997 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Brookfield by 22.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,572,428 shares of the company's stock worth $450,737,000 after purchasing an additional 1,186,839 shares in the last quarter. 61.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Brookfield in a report on Wednesday, June 24th. Morgan Stanley reiterated an "overweight" rating and set a $61.00 target price (up from $60.00) on shares of Brookfield in a report on Tuesday, April 21st. JPMorgan Chase & Co. increased their price objective on Brookfield from $60.00 to $62.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Scotia lifted their target price on Brookfield from $48.50 to $53.00 and gave the company a "sector outperform" rating in a research report on Friday, May 15th. Finally, National Bank Financial upped their price target on Brookfield from $58.00 to $60.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Brookfield presently has a consensus rating of "Moderate Buy" and an average target price of $56.82.

Brookfield Price Performance

NYSE:BN opened at $43.38 on Tuesday. The stock has a market capitalization of $106.34 billion, a PE ratio of 85.06 and a beta of 1.54. Brookfield Corporation has a 1-year low of $37.93 and a 1-year high of $49.56. The firm has a fifty day simple moving average of $44.74 and a 200 day simple moving average of $44.56. The company has a current ratio of 1.32, a quick ratio of 1.20 and a debt-to-equity ratio of 1.54.

Brookfield Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 15th. Brookfield's dividend payout ratio (DPR) is 54.90%.

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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