Brookfield Property Partners L.P. (BPY) Downgraded by Canaccord Genuity to Hold

Canaccord Genuity cut shares of Brookfield Property Partners L.P. (NYSE:BPY) (TSE:BPY.UN) from a buy rating to a hold rating in a research note published on Monday. Canaccord Genuity currently has $24.00 price objective on the financial services provider’s stock.

BPY has been the topic of a number of other research reports. BidaskClub lowered shares of Brookfield Property Partners L.P. from a buy rating to a hold rating in a research report on Friday, July 28th. Scotiabank raised their target price on shares of Brookfield Property Partners L.P. from $25.25 to $25.50 and gave the company an outperform rating in a research report on Monday, November 6th.

Shares of Brookfield Property Partners L.P. (NYSE BPY) traded down $1.18 during trading hours on Monday, reaching $22.50. 1,131,600 shares of the company were exchanged, compared to its average volume of 139,616. The company has a market capitalization of $6,057.88, a PE ratio of 98.67 and a beta of 0.89. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.47 and a quick ratio of 0.47. Brookfield Property Partners L.P. has a fifty-two week low of $20.31 and a fifty-two week high of $24.96.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Thursday, November 30th will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 5.24%. Brookfield Property Partners L.P.’s dividend payout ratio (DPR) is presently 491.69%.

Brookfield Property Partners L.P. declared that its Board of Directors has approved a share repurchase program on Wednesday, August 16th that allows the company to buyback 20,470,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Several large investors have recently modified their holdings of BPY. CIBC Asset Management Inc lifted its holdings in shares of Brookfield Property Partners L.P. by 51.8% during the third quarter. CIBC Asset Management Inc now owns 6,076,461 shares of the financial services provider’s stock worth $141,097,000 after purchasing an additional 2,072,246 shares during the period. FMR LLC raised its stake in Brookfield Property Partners L.P. by 16.0% during the second quarter. FMR LLC now owns 8,023,649 shares of the financial services provider’s stock worth $189,825,000 after buying an additional 1,106,900 shares during the last quarter. Ninepoint Partners LP bought a new position in Brookfield Property Partners L.P. during the third quarter worth $19,005,000. CIBC World Markets Inc. bought a new position in Brookfield Property Partners L.P. during the second quarter worth $17,307,000. Finally, Capital International Investors raised its stake in Brookfield Property Partners L.P. by 21.4% during the second quarter. Capital International Investors now owns 2,123,700 shares of the financial services provider’s stock worth $50,268,000 after buying an additional 373,700 shares during the last quarter. Institutional investors own 63.24% of the company’s stock.

Brookfield Property Partners L.P. Company Profile

Brookfield Property Partners L.P. is a diversified global real estate company. The Company owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing assets. Its partnership is Brookfield Asset Management Inc’s public commercial property entity and the primary vehicle through which it invests in real estate on a global basis.

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