Brookfield Property Partners L.P. (BPY) Earns Buy Rating from Canaccord Genuity
Brookfield Property Partners L.P. (NYSE:BPY) (TSE:BPY.UN)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity in a note issued to investors on Friday. They presently have a $28.00 price target on the financial services provider’s stock. Canaccord Genuity’s price target points to a potential upside of 20.02% from the stock’s current price.
BPY has been the topic of several other reports. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $26.00 target price on shares of Brookfield Property Partners L.P. in a research report on Friday, July 7th. BidaskClub raised Brookfield Property Partners L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th.
Shares of Brookfield Property Partners L.P. (BPY) opened at $23.33 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.84 and a quick ratio of 0.53. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 14.89 and a beta of 0.89.
Brookfield Property Partners L.P. (NYSE:BPY) (TSE:BPY.UN) last issued its earnings results on Wednesday, August 2nd. The financial services provider reported $0.31 earnings per share for the quarter. Brookfield Property Partners L.P. had a return on equity of 2.52% and a net margin of 17.30%. The firm had revenue of $1.02 billion for the quarter.
Brookfield Property Partners L.P. declared that its board has initiated a stock buyback program on Wednesday, August 16th that allows the company to repurchase 20,470,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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Several large investors have recently added to or reduced their stakes in the company. First Manhattan Co. grew its stake in shares of Brookfield Property Partners L.P. by 7.5% in the third quarter. First Manhattan Co. now owns 1,383,720 shares of the financial services provider’s stock worth $32,140,000 after purchasing an additional 95,982 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Brookfield Property Partners L.P. by 3.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 275,000 shares of the financial services provider’s stock worth $6,422,000 after purchasing an additional 10,000 shares in the last quarter. Loeb Partners Corp bought a new position in shares of Brookfield Property Partners L.P. in the third quarter worth $282,000. Griffin Asset Management Inc. bought a new position in shares of Brookfield Property Partners L.P. in the second quarter worth $521,000. Finally, Scotia Capital Inc. grew its stake in shares of Brookfield Property Partners L.P. by 4.3% in the second quarter. Scotia Capital Inc. now owns 2,925,230 shares of the financial services provider’s stock worth $68,922,000 after purchasing an additional 121,505 shares in the last quarter. 62.40% of the stock is owned by institutional investors.
About Brookfield Property Partners L.P.
Brookfield Property Partners L.P. is a diversified global real estate company. The Company owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing assets. Its partnership is Brookfield Asset Management Inc’s public commercial property entity and the primary vehicle through which it invests in real estate on a global basis.
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