Bank of New York Mellon Corp Sells 70,729 Shares of Brookfield Corporation $BN

Bank of New York Mellon Corp cut its holdings in shares of Brookfield Corporation (NYSE:BN) by 3.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,881,916 shares of the company’s stock after selling 70,729 shares during the quarter. Bank of New York Mellon Corp owned about 0.08% of Brookfield worth $76,161,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Partners Value Investments L.P. lifted its position in shares of Brookfield by 50.0% in the 4th quarter. Partners Value Investments L.P. now owns 181,405,955 shares of the company’s stock worth $8,324,719,000 after acquiring an additional 60,468,651 shares during the period. Dodge & Cox acquired a new position in shares of Brookfield in the fourth quarter valued at $1,894,354,000. Royal Bank of Canada raised its stake in shares of Brookfield by 40.5% in the fourth quarter. Royal Bank of Canada now owns 113,652,306 shares of the company’s stock valued at $5,215,504,000 after purchasing an additional 32,760,558 shares in the last quarter. Vanguard Group Inc. lifted its position in Brookfield by 52.1% in the fourth quarter. Vanguard Group Inc. now owns 92,103,120 shares of the company’s stock worth $4,228,915,000 after purchasing an additional 31,543,313 shares during the period. Finally, Capital World Investors lifted its position in Brookfield by 45.0% in the fourth quarter. Capital World Investors now owns 99,069,016 shares of the company’s stock worth $4,546,443,000 after purchasing an additional 30,755,354 shares during the period. 61.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BN shares. TD Securities restated a “buy” rating and issued a $60.00 price objective on shares of Brookfield in a research note on Tuesday, May 19th. Royal Bank Of Canada decreased their target price on shares of Brookfield from $63.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. National Bank Financial upped their target price on shares of Brookfield from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Scotiabank reissued an “outperform” rating and issued a $53.00 price target (up from $48.50) on shares of Brookfield in a research report on Friday, May 15th. Finally, Morgan Stanley set a $59.00 price target on shares of Brookfield and gave the stock an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Brookfield presently has an average rating of “Moderate Buy” and an average target price of $56.64.

Brookfield Stock Down 0.5%

Shares of NYSE:BN opened at $42.19 on Wednesday. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.32 and a quick ratio of 1.20. The stock has a market cap of $103.40 billion, a price-to-earnings ratio of 82.72 and a beta of 1.54. The company has a 50 day moving average of $44.39 and a 200-day moving average of $44.43. Brookfield Corporation has a one year low of $37.93 and a one year high of $49.56.

Brookfield Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, June 15th. Brookfield’s payout ratio is currently 54.90%.

About Brookfield

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.