Royal Bank of Canada Cuts Brookfield (NYSE:BN) Price Target to $56.00

Brookfield (NYSE:BN) had its price objective lowered by Royal Bank of Canada from $57.00 to $56.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. raised their price objective on Brookfield from $49.00 to $52.00 and gave the company an overweight rating in a research report on Wednesday, July 31st. Scotiabank boosted their price target on Brookfield from $49.50 to $50.50 and gave the stock an outperform rating in a research report on Thursday, August 1st. TD Securities increased their price objective on shares of Brookfield from $61.00 to $62.00 and gave the company a buy rating in a research report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Brookfield from $44.00 to $46.00 and gave the stock a market perform rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $48.78.

Brookfield Price Performance

Shares of NYSE:BN traded up $0.48 on Friday, hitting $44.92. The company had a trading volume of 1,905,807 shares, compared to its average volume of 3,224,635. The business has a 50 day moving average of $43.76 and a 200 day moving average of $42.22. Brookfield has a 52-week low of $28.84 and a 52-week high of $49.44. The company has a market cap of $73.83 billion, a PE ratio of 73.64 and a beta of 1.52. The company has a current ratio of 1.17, a quick ratio of 1.02 and a debt-to-equity ratio of 1.35.

Brookfield (NYSE:BN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.57. Brookfield had a return on equity of 3.15% and a net margin of 1.16%. The firm had revenue of $23.05 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $0.75 EPS. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, equities analysts anticipate that Brookfield will post 3.35 earnings per share for the current fiscal year.

Brookfield Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 12th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.32 annualized dividend and a dividend yield of 0.71%. Brookfield’s dividend payout ratio is currently 52.46%.

Insider Activity at Brookfield

In other Brookfield news, Director Ocm Growth Holdings Llc sold 400,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.90, for a total transaction of $4,760,000.00. Following the sale, the director now directly owns 10,779,668 shares of the company’s stock, valued at approximately $128,278,049.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BN. Nicholas Hoffman & Company LLC. lifted its position in shares of Brookfield by 3.9% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 6,781 shares of the company’s stock worth $282,000 after purchasing an additional 257 shares during the last quarter. Blue Trust Inc. grew its position in Brookfield by 62.8% during the second quarter. Blue Trust Inc. now owns 705 shares of the company’s stock worth $30,000 after buying an additional 272 shares in the last quarter. Mckinley Capital Management LLC raised its holdings in Brookfield by 0.9% in the 1st quarter. Mckinley Capital Management LLC now owns 32,649 shares of the company’s stock valued at $1,367,000 after acquiring an additional 283 shares in the last quarter. Checchi Capital Advisers LLC lifted its position in shares of Brookfield by 4.5% in the 1st quarter. Checchi Capital Advisers LLC now owns 6,622 shares of the company’s stock worth $277,000 after acquiring an additional 288 shares during the period. Finally, Rosenberg Matthew Hamilton increased its position in shares of Brookfield by 20.6% during the second quarter. Rosenberg Matthew Hamilton now owns 1,734 shares of the company’s stock valued at $71,000 after purchasing an additional 296 shares during the period. Institutional investors and hedge funds own 61.60% of the company’s stock.

Brookfield Company Profile

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.