Principal Financial Group Inc. Sells 1,766,804 Shares of Brookfield Co. (NYSE:BN)

Principal Financial Group Inc. lessened its stake in shares of Brookfield Co. (NYSE:BN) by 2.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,091,655 shares of the company’s stock after selling 1,766,804 shares during the quarter. Brookfield comprises 1.7% of Principal Financial Group Inc.’s investment portfolio, making the stock its 5th biggest holding. Principal Financial Group Inc.’s holdings in Brookfield were worth $3,140,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of Brookfield during the second quarter valued at approximately $128,321,000. M&G Plc bought a new stake in Brookfield in the 1st quarter valued at about $111,222,000. Capital World Investors lifted its stake in shares of Brookfield by 5.1% during the 1st quarter. Capital World Investors now owns 51,922,031 shares of the company’s stock valued at $2,173,923,000 after buying an additional 2,497,509 shares in the last quarter. Wulff Hansen & CO. grew its position in shares of Brookfield by 4,054.0% in the second quarter. Wulff Hansen & CO. now owns 1,542,505 shares of the company’s stock valued at $64,076,000 after purchasing an additional 1,505,372 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Brookfield by 1.9% during the first quarter. Vanguard Group Inc. now owns 57,480,308 shares of the company’s stock valued at $2,406,700,000 after buying an additional 1,063,110 shares during the period. 61.60% of the stock is owned by institutional investors.

Brookfield Price Performance

NYSE BN opened at $56.97 on Thursday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.20 and a quick ratio of 1.03. Brookfield Co. has a 1-year low of $31.43 and a 1-year high of $57.42. The stock has a market capitalization of $93.79 billion, a price-to-earnings ratio of 98.22 and a beta of 1.53. The business’s fifty day moving average price is $52.18 and its 200-day moving average price is $46.86.

Brookfield (NYSE:BN) last announced its 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 company had revenue of $23.05 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $0.75 earnings per share. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, equities analysts predict that Brookfield Co. will post 3.81 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on BN. BMO Capital Markets raised their target price on shares of Brookfield from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, September 11th. Scotiabank increased their price objective on Brookfield from $51.25 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lowered their price target on Brookfield from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. raised their price target on Brookfield from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, TD Securities increased their price target on shares of Brookfield from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.31.

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.