Pictet Asset Management Holding SA Sells 19,964 Shares of Brookfield Corporation $BN

Pictet Asset Management Holding SA lowered its position in Brookfield Corporation (NYSE:BN) by 2.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 853,730 shares of the company’s stock after selling 19,964 shares during the period. Pictet Asset Management Holding SA’s holdings in Brookfield were worth $34,484,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. MCF Advisors LLC bought a new stake in Brookfield in the fourth quarter worth approximately $26,000. Quattro Advisors LLC bought a new position in shares of Brookfield during the 4th quarter valued at $26,000. Exchange Traded Concepts LLC bought a new position in shares of Brookfield during the 4th quarter valued at $27,000. Truvestments Capital LLC raised its holdings in shares of Brookfield by 49.9% during the 4th quarter. Truvestments Capital LLC now owns 640 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares in the last quarter. Finally, Hilltop National Bank lifted its stake in shares of Brookfield by 49.9% in the 4th quarter. Hilltop National Bank now owns 724 shares of the company’s stock valued at $33,000 after purchasing an additional 241 shares during the last quarter. Institutional investors own 61.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank Of Canada lowered 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. JPMorgan Chase & Co. upped their price target on Brookfield from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Morgan Stanley reissued an “overweight” rating and set a $61.00 price objective (up from $60.00) on shares of Brookfield in a report on Tuesday, April 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Brookfield in a research note on Wednesday, June 24th. Finally, Scotia boosted their target price on Brookfield from $48.50 to $53.00 and gave the stock a “sector outperform” rating in a report on Friday, May 15th. 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.82.

Brookfield Stock Up 1.2%

BN stock opened at $42.63 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. Brookfield Corporation has a 52-week low of $37.93 and a 52-week high of $49.56. The company has a 50-day moving average of $45.09 and a two-hundred day moving average of $44.69. The stock has a market capitalization of $104.50 billion, a price-to-earnings ratio of 83.60 and a beta of 1.53.

Brookfield Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given 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 of this dividend was Monday, June 15th. Brookfield’s payout ratio is currently 54.90%.

Brookfield Company Profile

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.