CIBC Asset Management Inc Has $857.26 Million Stock Holdings in Brookfield Corporation $BN

CIBC Asset Management Inc decreased its position in shares of Brookfield Corporation (NYSE:BN) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,840,255 shares of the company’s stock after selling 1,092,206 shares during the period. Brookfield accounts for about 2.7% of CIBC Asset Management Inc’s investment portfolio, making the stock its 5th largest position. CIBC Asset Management Inc owned about 0.84% of Brookfield worth $857,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Hilltop National Bank purchased a new stake in shares of Brookfield in the second quarter worth $30,000. Twin Peaks Wealth Advisors LLC purchased a new stake in Brookfield in the 2nd quarter worth $32,000. Ameritas Advisory Services LLC purchased a new stake in Brookfield in the 2nd quarter worth $33,000. Cary Street Partners Investment Advisory LLC raised its holdings in Brookfield by 109.3% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 632 shares of the company’s stock valued at $39,000 after acquiring an additional 330 shares during the period. Finally, Financial Gravity Companies Inc. purchased a new position in shares of Brookfield in the second quarter valued at about $51,000. 61.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BN shares. The Goldman Sachs Group assumed coverage on Brookfield in a research report on Tuesday, September 2nd. They set a “buy” rating and a $52.00 target price for the company. Royal Bank Of Canada increased their price objective on shares of Brookfield from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. boosted their target price on shares of Brookfield from $48.67 to $55.33 and gave the stock an “overweight” rating in a report on Friday, October 3rd. CIBC reaffirmed an “outperform” rating and set a $52.00 target price (up from $50.67) on shares of Brookfield in a research note on Friday, November 14th. Finally, Zacks Research downgraded shares of Brookfield from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $53.47.

Brookfield Price Performance

Shares of Brookfield stock opened at $47.47 on Thursday. The stock has a market cap of $117.52 billion, a price-to-earnings ratio of 131.85 and a beta of 1.57. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.19 and a current ratio of 1.31. The stock has a 50 day moving average price of $45.54 and a 200-day moving average price of $43.82. Brookfield Corporation has a one year low of $29.07 and a one year high of $49.47.

Brookfield (NYSE:BN) last released its earnings results on Thursday, November 13th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. Brookfield had a net margin of 1.34% and a return on equity of 3.92%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Equities analysts expect that Brookfield Corporation will post 3.85 EPS for the current year.

Brookfield Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Tuesday, December 16th will be paid a $0.06 dividend. The ex-dividend date is Tuesday, December 16th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. Brookfield’s dividend payout ratio (DPR) is presently 66.67%.

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.