CIBC Lowers Brookfield Renewable Partners LP (BEP.UN) to Neutral

A passer-by walks past the exterior of Brookfield Place an upscale mall in Lower Manhattan at the World Financial Center in New York in this Nov. 2015

A passer-by walks past the exterior of Brookfield Place an upscale mall in Lower Manhattan at the World Financial Center in New York in this Nov. 2015

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities.

According to Zacks, "BROOKFIELD INFRASTRUCTURE PARTNERS L.P. was established by Brookfield Asset Management as its primary vehicle to own and operate certain infrastructure assets on a global basis".

The offer comes after Brookfield in 2010 invested $2.5 billion for a 27 per cent stake in GGP as part of a deal for its emergence from bankruptcy.

On October 20 GMP Securities held the stock rating at "Hold" with a current price target of $34.50. Credit Suisse Group assumed coverage on shares of Brookfield Infrastructure Partners in a research note on Monday, September 18th. They now have a C$45.00 price target on the stock.

Brookfield now owns about 34% of GGP and wants to buy the rest of the company for $23 a share. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock.

Shares of Brookfield Infrastructure Partners (NYSE BIP) opened at $43.47 on Tuesday. Brookfield Property Partners L.P. has a 1-year low of $20.31 and a 1-year high of $24.96. The company has a market cap of $5,810.00, a P/E ratio of 98.67 and a beta of 0.89.

COPYRIGHT VIOLATION NOTICE: This article was originally published by TrueBlueTribune and is the property of of TrueBlueTribune. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of US and global copyright and trademark law. The correct version of this article can be read at https://www.truebluetribune.com/2017/11/13/cibc-asset-management-inc-purchases-2072246-shares-of-brookfield-property-partners-l-p-bpy.html. The stock saw a rise in short interest from October 13, 2017 to October 31, 2017 of 13.48%. Shares buyback plans are often an indication that the company's board believes its stock is undervalued. Investors of record on Thursday, November 30th will be given a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.18 annualized dividend and a dividend yield of 4.98%. Brookfield Property Partners L.P.'s dividend payout ratio (DPR) is now 513.04%.

Brookfield now owns about 34 per cent of the company, which operates as a publicly-traded trust. New England Private Wealth Advisors LLC claims 21,500 shares worth $927,000. Finally, Scotiabank increased their target price on shares of Brookfield Property Partners L.P. from $25.25 to $25.50 and gave the stock an "outperform" rating in a research report on Monday, November 6th. Public Sector Pension Investment Board owns 1,239,819 shares worth $29,289,000. Shamrock Asset Management LLC expanded its ownership by buying 1,112 shares an increase of 4.1%. State of New Jersey Common Pension Fund D now owns 275,000 shares of the financial services provider's stock valued at $6,422,000 after buying an additional 10,000 shares in the last quarter.

Several other hedge funds have also made changes to their positions in the company. Brookfield had also exercised all its outstanding options recently, purchasing 68 million shares for US$462 million. Its segments include Hydroelectric, Wind, Other and Corporate.

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