Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in BIP.
Brookfield Asset Management said Monday that it proposed to buy mall owner GGP Inc. for $14.8 billion. Jarislowsky Fraser Ltd purchased a new stake in shares of Brookfield Property Partners L.P. during the 3rd quarter worth approximately $239,000.
Brookfield Property Partners LP bid about $14.8 billion to acquire the stake it doesn't already hold in USA mall owner GGP Inc.as the companies seek to repurpose struggling bricks-and-mortar shopping centers.
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COPYRIGHT VIOLATION WARNING: This article was originally published by BBNS and is the sole property of of BBNS. If you are viewing this piece of content on another website, it was illegally stolen and reposted in violation of global copyright & trademark laws. The value of the company's investment in Brookfield Property Partners L increased from $718,000 to $730,000 increasing 1.7% for the reporting period.
Brookfield Property Partners L.P. has a 12-month low of C$20.31 and a 12-month high of C$24.96. GGP shares climbed above the offer price Monday, gaining 7.1 percent to $23.77 at 11:53 a.m.in NY. The stock had a trading volume of 83,500 shares, compared to its average volume of 135,066. The company's P/E ratio is N/A and the market value is 5.69B. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.58 and a quick ratio of 0.58. Brookfield Infrastructure Partners earned a news impact score of 0.13 on Accern's scale.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. This represents a $1.74 annualized dividend and a yield of 4.00%. The ex-dividend date is Wednesday, November 29th.
Brookfield Property now holds approximately $68 billion in total assets.
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The company is now down by 0.44% percent from yesterday's close. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. BidaskClub cut Brookfield Property Partners L.P. from a "buy" rating to a "hold" rating in a research note on Friday, July 28th.
Under the offer, GGP shareholders can choose either cash or Brookfield Property limited-partnership units in exchange for their shares, with Brookfield ultimately paying half its total purchase price in cash and half in units.
Scotiabank raised the price target on November 6 changing the forecast from $25.25 to $25.50 and issued a "Outperform" recommendation.
"Brookfield's access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP's high-quality retail asset base will allow us to maximize the value of these irreplaceable assets", he said in a statement on Monday. 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.
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The transaction will create, in BPY, one of the largest listed property companies in the world, with an ownership interest in nearly $100 billion of premier real estate assets globally and annual net operating income of approximately $5 billion.