The Manufacturers Life Insurance Company Lowers Stock Holdings in Brookfield Corporation $BN

Key Points

• The Manufacturers Life Insurance Company cut its Brookfield stake by 11.3% in the first quarter, selling 1.26 million shares and retaining 9.83 million shares worth approximately $398 million.
• Institutional ownership remains significant at 61.6%, with several funds initiating or increasing positions during the quarter, including Quantinno Capital Management, which raised its stake by 24.6%.
• Brookfield recently paid a quarterly dividend of $0.07 per share, representing a 0.7% yield, while analysts maintain a “Moderate Buy” consensus with an average price target of $56.64.

The Manufacturers Life Insurance Company lowered its position in shares of Brookfield Corporation (NYSE:BN - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,832,789 shares of the company's stock after selling 1,258,689 shares during the period. The Manufacturers Life Insurance Company owned about 0.40% of Brookfield worth $398,036,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Excelsior Advisor Network LLC bought a new position in shares of Brookfield during the 1st quarter valued at about $235,000. Quantinno Capital Management LP boosted its stake in Brookfield by 24.6% in the first quarter. Quantinno Capital Management LP now owns 272,513 shares of the company's stock worth $11,027,000 after buying an additional 53,778 shares in the last quarter. Whitebox Advisors LLC purchased a new stake in Brookfield in the first quarter worth approximately $3,896,000. SummitTX Capital L.P. bought a new position in Brookfield during the first quarter valued at approximately $235,000. Finally, Archon Partners LLC bought a new position in Brookfield during the first quarter valued at approximately $5,463,000. 61.60% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Trading Up 1.0%

BN opened at $42.08 on Tuesday. The business has a 50 day simple moving average of $44.06 and a two-hundred day simple moving average of $44.26. The firm has a market capitalization of $103.15 billion, a price-to-earnings ratio of 82.52 and a beta of 1.54. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.32 and a quick ratio of 1.20. Brookfield Corporation has a one year low of $37.93 and a one year high of $49.56.

Brookfield Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.07 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.28 dividend on an annualized basis and a yield of 0.7%. Brookfield's dividend payout ratio (DPR) is presently 54.90%.

Analyst Upgrades and Downgrades

BN has been the subject of a number of recent research reports. Weiss Ratings restated a "hold (c)" rating on shares of Brookfield in a report on Wednesday, June 24th. Morgan Stanley set a $59.00 target price on shares of Brookfield and gave the company an "overweight" rating in a report on Tuesday, July 21st. National Bank Financial lifted their target price on shares of Brookfield from $58.00 to $60.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. Scotia boosted their price target on shares of Brookfield from $48.50 to $53.00 and gave the stock a "sector outperform" rating in a research note on Friday, May 15th. Finally, TD upped their price target on shares of Brookfield from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $56.64.

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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