Bank of Nova Scotia Boosts Holdings in Brookfield Corporation $BN

Bank of Nova Scotia increased its stake in Brookfield Corporation (NYSE:BN) by 13.3% in the second quarter, Holdings Channel reports. The institutional investor owned 13,263,185 shares of the company’s stock after acquiring an additional 1,556,042 shares during the quarter. Brookfield accounts for about 1.7% of Bank of Nova Scotia’s portfolio, making the stock its 14th largest position. Bank of Nova Scotia’s holdings in Brookfield were worth $820,569,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BN. Creative Planning grew its position in shares of Brookfield by 10.1% during the 2nd quarter. Creative Planning now owns 487,077 shares of the company’s stock valued at $30,126,000 after buying an additional 44,822 shares during the last quarter. AGF Management Ltd. boosted its stake in Brookfield by 7.2% in the second quarter. AGF Management Ltd. now owns 2,438,241 shares of the company’s stock valued at $151,399,000 after acquiring an additional 164,124 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. grew its holdings in shares of Brookfield by 2.7% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,592,795 shares of the company’s stock valued at $98,643,000 after purchasing an additional 42,520 shares during the last quarter. C WorldWide Group Holding A S raised its position in shares of Brookfield by 96.3% during the 2nd quarter. C WorldWide Group Holding A S now owns 45,515 shares of the company’s stock worth $2,815,000 after purchasing an additional 22,331 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Brookfield by 4.4% during the 2nd quarter. Cetera Investment Advisers now owns 378,895 shares of the company’s stock worth $23,407,000 after purchasing an additional 15,854 shares during the period. 61.60% of the stock is owned by institutional investors and hedge funds.

Brookfield Trading Down 0.1%

Brookfield stock opened at $46.70 on Monday. Brookfield Corporation has a 12-month low of $29.07 and a 12-month high of $49.47. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.31 and a quick ratio of 1.19. The stock has a market capitalization of $115.61 billion, a PE ratio of 129.71 and a beta of 1.57. The firm has a 50 day simple moving average of $45.47 and a 200-day simple moving average of $43.68.

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

Brookfield Dividend Announcement

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

Analysts Set New Price Targets

BN has been the subject of a number of analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Brookfield in a research report on Monday, December 1st. TD Securities boosted their price target on shares of Brookfield from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 14th. Weiss Ratings restated a “hold (c)” rating on shares of Brookfield in a research report on Monday, December 1st. The Goldman Sachs Group started coverage on shares of Brookfield in a research report on Tuesday, September 2nd. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Morgan Stanley set a $54.00 target price on shares of Brookfield and gave the company an “overweight” rating in a research note on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Brookfield currently has an average rating of “Buy” and an average price target of $53.47.

About Brookfield

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.