Massachusetts Financial Services Co. MA Sells 240,910 Shares of Brookfield Co. (NYSE:BN)

Massachusetts Financial Services Co. MA lessened its stake in shares of Brookfield Co. (NYSE:BN) by 8.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,687,618 shares of the company’s stock after selling 240,910 shares during the period. Massachusetts Financial Services Co. MA owned 0.16% of Brookfield worth $142,847,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BN. Intech Investment Management LLC grew its holdings in shares of Brookfield by 8.3% during the 3rd quarter. Intech Investment Management LLC now owns 74,102 shares of the company’s stock worth $3,940,000 after purchasing an additional 5,662 shares in the last quarter. King Luther Capital Management Corp lifted its position in Brookfield by 1.7% during the third quarter. King Luther Capital Management Corp now owns 102,580 shares of the company’s stock worth $5,452,000 after purchasing an additional 1,672 shares during the period. Citizens Financial Group Inc. RI acquired a new stake in Brookfield during the third quarter worth about $218,000. PCJ Investment Counsel Ltd. increased its holdings in Brookfield by 52.4% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 163,280 shares of the company’s stock valued at $8,673,000 after buying an additional 56,150 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Brookfield by 5.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 183,698 shares of the company’s stock valued at $9,764,000 after buying an additional 9,915 shares in the last quarter. 61.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BN. BMO Capital Markets reissued an “outperform” rating and issued a $62.00 price objective (up from $50.00) on shares of Brookfield in a research note on Friday, November 15th. Keefe, Bruyette & Woods lifted their price target on Brookfield from $44.00 to $46.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on Brookfield from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank raised their price objective on Brookfield from $65.00 to $69.00 and gave the company a “sector outperform” rating in a research note on Friday, November 15th. Finally, TD Securities boosted their target price on Brookfield from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.31.

Brookfield Stock Performance

Shares of BN stock opened at $58.27 on Friday. The business’s 50-day moving average price is $54.36 and its 200-day moving average price is $48.21. Brookfield Co. has a 12 month low of $33.72 and a 12 month high of $60.20. The company has a current ratio of 1.17, a quick ratio of 1.03 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $95.95 billion, a price-to-earnings ratio of 123.98 and a beta of 1.53.

Brookfield Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Monday, December 16th. Brookfield’s payout ratio is 68.09%.

Brookfield Profile

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.