Brookfield (NYSE:BN) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Brookfield Corporation (NYSE:BN)’s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $38.30 and traded as high as $38.65. Brookfield shares last traded at $38.4370, with a volume of 8,037,752 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BN. Scotiabank reiterated an “outperform” rating and set a $54.00 price objective (up from $53.00) on shares of Brookfield in a report on Friday, August 14th. Zacks Research downgraded Brookfield from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Scotia lifted their price objective on shares of Brookfield from $53.00 to $54.00 and gave the company a “sector outperform” rating in a report on Friday, August 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Brookfield in a research report on Monday, September 21st. Finally, BMO Capital Markets upgraded shares of Brookfield to a “strong-buy” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.40.

Brookfield Trading Up 1.1%

The firm has a market cap of $94.25 billion, a price-to-earnings ratio of 69.89 and a beta of 1.56. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.34 and a quick ratio of 1.22. The business has a 50-day moving average of $38.30 and a 200-day moving average of $42.67.

Brookfield (NYSE:BN) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.62 by $0.04. Brookfield had a return on equity of 3.93% and a net margin of 1.85%. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Research analysts anticipate that Brookfield Corporation will post 2.88 EPS for the current year.

Brookfield Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Monday, September 14th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $0.28 annualized dividend and a dividend yield of 0.7%. Brookfield’s payout ratio is 50.91%.

Institutional Investors Weigh In On Brookfield

Large investors have recently made changes to their positions in the stock. Bank of Nova Scotia increased its position in Brookfield by 11.4% during the 1st quarter. Bank of Nova Scotia now owns 15,340,928 shares of the company’s stock worth $621,443,000 after purchasing an additional 1,575,668 shares in the last quarter. Madison Asset Management LLC acquired a new stake in Brookfield in the second quarter valued at approximately $55,655,000. WCM Investment Management LLC grew its stake in shares of Brookfield by 454.4% during the first quarter. WCM Investment Management LLC now owns 1,103,817 shares of the company’s stock worth $42,740,000 after buying an additional 904,701 shares during the last quarter. Nykredit A S bought a new stake in shares of Brookfield during the second quarter worth $23,546,000. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Brookfield by 3.6% during the third quarter. TD Waterhouse Canada Inc. now owns 14,398,936 shares of the company’s stock worth $522,741,000 after buying an additional 495,666 shares during the last quarter. Institutional investors and hedge funds own 61.60% of the company’s stock.

Brookfield Company Profile

Brookfield Corporation (NYSE: BN) is a global investment and asset management company headquartered in Toronto, Canada. Through its businesses and investments, the company owns and operates assets across real estate, renewable power and energy transition, infrastructure, private equity and related sectors.

Brookfield’s portfolio includes office, retail, residential and logistics properties; renewable power generation and energy-transition projects; transportation, utility and data infrastructure; and operating companies in industries such as business services, industrials and technology.