CIBC Asset Management Inc raised its position in shares of Brookfield Property Partners L.P. (NYSE:BPY) (TSE:BPY.UN) by 51.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC).
The company, which is a publicly-traded real estate company and subsidiary of Toronto-based Brookfield Asset Management, already holds a 34 per cent stake in GGP. Public Sector Pension Investment Board controls 629,100 shares with a value of $20,030,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. The value of the investment in Brookfield Property Partners L went from $62,262,000 to $68,922,000 a change of 10.7% quarter over quarter. CIBC Asset Management Inc now owns 6,076,461 shares of the financial services provider's stock valued at $141,097,000 after buying an additional 2,072,246 shares in the last quarter. Finally, Bollard Group LLC grew its position in shares of Brookfield Infrastructure Partners by 1.0% during the 2nd quarter. Manufacturers Life Insurance Company, The now owns 96,050 shares worth $3,057,000. New England Private Wealth Advisors LLC claims 21,500 shares worth $927,000. Bollard Group LLC now owns 3,681 shares of the utilities provider's stock worth $151,000 after buying an additional 38 shares during the period. Finally, Loeb Partners Corp acquired a new position in shares of Brookfield Property Partners L.P.in the 3rd quarter valued at $282,000.
Brookfield now owns about 34 per cent of the company, which operates as a publicly-traded trust.
TRADEMARK VIOLATION NOTICE: This news story was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. The stock had a trading volume of 142,914 shares, compared to its average volume of 382,816. The company's P/E ratio is N/A and the market value is 5.69B. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.92. Stockholders of record on Thursday, November 30th will be given a dividend of $0.295 per share. This represents a $1.74 annualized dividend and a yield of 4.00%. The ex-dividend date is Wednesday, November 29th. Brookfield Infrastructure Partners's dividend payout ratio is presently 669.23%. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.
Other equities research analysts also recently issued reports about the stock. Scotiabank reissued an "outperform" rating and issued a $53.00 price objective on shares of Brookfield Infrastructure Partners in a research note on Monday, September 18th. BidaskClub cut Brookfield Property Partners L.P. from a "buy" rating to a "hold" rating in a report on Friday, July 28th.
Brookfield Asset Management Inc., a Canada-based company dealing with the pivotal domain of asset management, is all set to acquire GGP Inc., a giant firm across the real estate investment sector, for United States dollars 14 billion. It is a leading owner, operator and investor in commercial real estate, with a diversified portfolio of office and retail assets, as well as interests in multifamily, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets.
Brookfield Property Partners LP offered $18.8-billion in stock and cash to fully acquire US shopping mall owner GGP Inc.in a deal announced Monday, doubling down on the future of bricks-and-mortar retail even as many merchants face increasing pressure from e-commerce.
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