Massachusetts Financial Services Co. MA Sells 63,514 Shares of Brookfield Co. (NYSE:BN)

Massachusetts Financial Services Co. MA lessened its holdings in Brookfield Co. (NYSE:BN) by 2.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,928,528 shares of the company’s stock after selling 63,514 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.18% of Brookfield worth $121,651,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BN. Gilbert & Cook Inc. raised its holdings in Brookfield by 5.4% in the 4th quarter. Gilbert & Cook Inc. now owns 35,468 shares of the company’s stock valued at $1,423,000 after buying an additional 1,833 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Brookfield by 0.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 194,907 shares of the company’s stock valued at $7,820,000 after buying an additional 839 shares during the last quarter. Wells Fargo & Company MN increased its position in Brookfield by 1.1% during the 4th quarter. Wells Fargo & Company MN now owns 2,612,251 shares of the company’s stock valued at $104,881,000 after purchasing an additional 27,313 shares during the period. Clearbridge Investments LLC acquired a new stake in Brookfield during the 4th quarter valued at approximately $89,153,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Brookfield during the 4th quarter valued at approximately $251,000. Institutional investors own 61.60% of the company’s stock.

Brookfield Stock Performance

NYSE BN opened at $49.95 on Thursday. The company has a fifty day simple moving average of $47.08 and a 200 day simple moving average of $43.68. Brookfield Co. has a 12-month low of $28.84 and a 12-month high of $51.03. The company has a current ratio of 1.20, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39. The company has a market cap of $82.10 billion, a P/E ratio of 82.51 and a beta of 1.53.

Brookfield (NYSE:BN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.57. Brookfield had a net margin of 1.13% and a return on equity of 3.67%. The business had revenue of $23.05 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $0.75 EPS. Brookfield’s revenue was down 2.6% compared to the same quarter last year. Sell-side analysts predict that Brookfield Co. will post 3.84 earnings per share for the current fiscal year.

Brookfield Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Thursday, September 12th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Thursday, September 12th. Brookfield’s payout ratio is currently 52.46%.

Wall Street Analysts Forecast Growth

BN has been the subject of a number of recent analyst reports. Scotiabank increased their target price on shares of Brookfield from $50.50 to $51.25 and gave the company a “sector outperform” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods increased their target price on shares of Brookfield from $44.00 to $46.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. increased their target price on shares of Brookfield from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. BMO Capital Markets increased their target price on shares of Brookfield from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, September 11th. Finally, Royal Bank of Canada reduced their price objective on shares of Brookfield from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.59.

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.