Principal Financial Group Inc. Purchases 3,613,608 Shares of Brookfield Infrastructure Partners L.P. (NYSE:BIP)

Principal Financial Group Inc. grew its position in Brookfield Infrastructure Partners L.P. (NYSE:BIP - Free Report) TSE: BIP.UN by 22.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,951,240 shares of the utilities provider's stock after purchasing an additional 3,613,608 shares during the quarter. Principal Financial Group Inc. owned approximately 4.35% of Brookfield Infrastructure Partners worth $628,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Triasima Portfolio Management inc. bought a new position in shares of Brookfield Infrastructure Partners in the fourth quarter worth approximately $12,322,000. Stratos Wealth Partners LTD. bought a new position in shares of Brookfield Infrastructure Partners in the fourth quarter worth approximately $205,000. Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Brookfield Infrastructure Partners by 71.2% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 765,686 shares of the utilities provider's stock worth $24,266,000 after purchasing an additional 318,398 shares during the period. Nexus Investment Management ULC boosted its position in shares of Brookfield Infrastructure Partners by 8.2% in the fourth quarter. Nexus Investment Management ULC now owns 1,119,440 shares of the utilities provider's stock worth $35,393,000 after purchasing an additional 84,749 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in shares of Brookfield Infrastructure Partners by 1.1% in the third quarter. CIBC Asset Management Inc now owns 5,569,701 shares of the utilities provider's stock worth $163,953,000 after buying an additional 60,510 shares in the last quarter. 57.92% of the stock is currently owned by institutional investors.

Brookfield Infrastructure Partners Stock Performance

BIP stock traded down $0.23 during mid-day trading on Monday, reaching $30.52. 277,185 shares of the stock traded hands, compared to its average volume of 509,379. Brookfield Infrastructure Partners L.P. has a one year low of $21.03 and a one year high of $37.32. The stock has a market capitalization of $14.08 billion, a PE ratio of 98.58 and a beta of 0.99. The business has a 50-day moving average price of $28.74 and a two-hundred day moving average price of $28.99.

Brookfield Infrastructure Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date of this dividend is Friday, May 31st. Brookfield Infrastructure Partners's payout ratio is presently 522.58%.

Wall Street Analyst Weigh In

Several research firms have recently commented on BIP. Raymond James boosted their target price on shares of Brookfield Infrastructure Partners from $40.00 to $44.00 and gave the stock a "strong-buy" rating in a report on Friday, February 2nd. TD Securities lowered their target price on shares of Brookfield Infrastructure Partners from $47.00 to $46.00 and set a "buy" rating on the stock in a report on Friday, February 2nd. Jefferies Financial Group lowered their target price on shares of Brookfield Infrastructure Partners from $37.00 to $34.00 and set a "buy" rating on the stock in a report on Wednesday, April 17th. StockNews.com downgraded shares of Brookfield Infrastructure Partners from a "hold" rating to a "sell" rating in a report on Friday, May 3rd. Finally, National Bankshares downgraded shares of Brookfield Infrastructure Partners from an "outperform" rating to a "sector perform" rating and set a $32.00 price target on the stock. in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Brookfield Infrastructure Partners has a consensus rating of "Moderate Buy" and a consensus price target of $38.20.

Brookfield Infrastructure Partners Company Profile

Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, midstream, and data businesses in North and South America, Europe, and the Asia Pacific. The company's Utilities segment operates approximately 2,900 km of electricity transmission lines; 4,200 km of natural gas pipelines; 8.1 million electricity and natural gas connections; and 0.6 million long-term contracted sub-metering services.

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