Cannell & Spears LLC Decreases Holdings in Brookfield Corporation $BN

Cannell & Spears LLC reduced its position in Brookfield Corporation (NYSE:BN) by 3.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,803,463 shares of the company’s stock after selling 61,826 shares during the period. Brookfield accounts for 2.3% of Cannell & Spears LLC’s investment portfolio, making the stock its 7th biggest holding. Cannell & Spears LLC’s holdings in Brookfield were worth $123,681,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in BN. Twin Peaks Wealth Advisors LLC bought a new position in Brookfield in the second quarter valued at about $32,000. Cary Street Partners Investment Advisory LLC increased its position in Brookfield by 109.3% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 632 shares of the company’s stock worth $39,000 after purchasing an additional 330 shares during the period. First Horizon Corp bought a new stake in Brookfield during the 3rd quarter worth about $40,000. Versant Capital Management Inc lifted its position in Brookfield by 507.5% during the 3rd quarter. Versant Capital Management Inc now owns 650 shares of the company’s stock valued at $45,000 after purchasing an additional 543 shares during the period. Finally, Financial Gravity Companies Inc. acquired a new position in Brookfield during the 2nd quarter valued at about $51,000. Institutional investors and hedge funds own 61.60% of the company’s stock.

Wall Street Analyst Weigh In

BN has been the subject of several analyst reports. Wall Street Zen upgraded shares of Brookfield from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Brookfield in a report on Monday, December 1st. Scotiabank reaffirmed an “outperform” rating and issued a $52.00 price objective (up from $49.00) on shares of Brookfield in a research note on Friday, February 13th. National Bank Financial lifted their target price on shares of Brookfield from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $60.00 price target on shares of Brookfield in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.59.

Brookfield Stock Performance

Shares of NYSE:BN opened at $38.38 on Friday. The firm’s 50 day simple moving average is $45.60 and its 200 day simple moving average is $45.59. Brookfield Corporation has a fifty-two week low of $29.07 and a fifty-two week high of $49.56. The company has a market capitalization of $94.01 billion, a price-to-earnings ratio of 77.79 and a beta of 1.58. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.32 and a quick ratio of 1.21.

Brookfield (NYSE:BN) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Brookfield had a net margin of 1.74% and a return on equity of 3.87%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. As a group, sell-side analysts forecast that Brookfield Corporation will post 3.85 earnings per share for the current year.

Brookfield Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.07 dividend. This is a positive change from Brookfield’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.7%. Brookfield’s dividend payout ratio (DPR) is presently 48.98%.

Brookfield 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.