Zurcher Kantonalbank Zurich Cantonalbank Acquires 32,760 Shares of Brookfield Corporation (NYSE:BN)

Key Points

• Zurcher Kantonalbank increased its stake in Brookfield Corporation by 6.3%, acquiring an additional 32,760 shares and bringing its total holdings to 556,369 shares valued at approximately $29.1 million.
• Several hedge funds have also increased their stakes in Brookfield, with Capital World Investors owning the largest share at 59 million shares valued at over $3.39 billion.
• Analysts have a consensus rating of "Moderate Buy" for Brookfield, with a current price target of $66.13, indicating expected growth despite some recent decreases in individual price targets from various firms.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Brookfield Corporation (NYSE:BN - Free Report) by 6.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 556,369 shares of the company's stock after purchasing an additional 32,760 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Brookfield were worth $29,112,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Capital World Investors boosted its stake in Brookfield by 3.1% in the 4th quarter. Capital World Investors now owns 59,020,303 shares of the company's stock worth $3,390,786,000 after purchasing an additional 1,782,034 shares in the last quarter. TD Asset Management Inc boosted its stake in Brookfield by 1.5% in the 1st quarter. TD Asset Management Inc now owns 24,584,311 shares of the company's stock worth $1,286,395,000 after purchasing an additional 354,171 shares in the last quarter. FIL Ltd boosted its stake in Brookfield by 8.8% in the 4th quarter. FIL Ltd now owns 20,354,516 shares of the company's stock worth $1,169,912,000 after purchasing an additional 1,640,903 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Brookfield by 1.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 11,866,447 shares of the company's stock worth $682,497,000 after purchasing an additional 129,735 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Brookfield by 32.0% in the 4th quarter. Geode Capital Management LLC now owns 7,960,098 shares of the company's stock worth $460,489,000 after purchasing an additional 1,930,218 shares in the last quarter. Institutional investors own 61.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BN shares. CIBC dropped their price target on shares of Brookfield from $74.00 to $72.00 and set an "outperformer" rating on the stock in a research note on Friday, May 9th. Scotiabank decreased their target price on Brookfield from $71.00 to $68.00 and set a "sector outperform" rating for the company in a research report on Monday, April 7th. Morgan Stanley reissued an "overweight" rating on shares of Brookfield in a research report on Monday, May 19th. Royal Bank Of Canada initiated coverage on Brookfield in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $81.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their target price on Brookfield from $66.00 to $65.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.13.

Brookfield Price Performance

NYSE BN opened at $67.59 on Monday. Brookfield Corporation has a 52 week low of $42.21 and a 52 week high of $68.75. The firm has a market capitalization of $111.43 billion, a P/E ratio of 241.38 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 company has a 50-day moving average price of $61.11 and a 200-day moving average price of $57.15.

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

Brookfield Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Friday, June 13th. Brookfield's dividend 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.

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