Envestnet Asset Management Inc. grew its position in Brookfield Infrastructure Co. (NASDAQ:BIPC – Free Report) by 148.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 354,920 shares of the company’s stock after purchasing an additional 212,060 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.32% of Brookfield Infrastructure worth $16,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the company. Bank of Nova Scotia Trust Co. boosted its position in shares of Brookfield Infrastructure by 1.7% in the first quarter. Bank of Nova Scotia Trust Co. now owns 30,391 shares of the company’s stock worth $1,400,000 after purchasing an additional 503 shares during the period. Rhumbline Advisers lifted its holdings in shares of Brookfield Infrastructure by 3.6% in the first quarter. Rhumbline Advisers now owns 128,331 shares of the company’s stock worth $5,911,000 after buying an additional 4,431 shares in the last quarter. Scotia Capital Inc. lifted its holdings in shares of Brookfield Infrastructure by 2.2% in the first quarter. Scotia Capital Inc. now owns 815,886 shares of the company’s stock worth $37,438,000 after buying an additional 17,301 shares in the last quarter. WASHINGTON TRUST Co lifted its holdings in shares of Brookfield Infrastructure by 196.9% in the first quarter. WASHINGTON TRUST Co now owns 1,232 shares of the company’s stock worth $57,000 after buying an additional 817 shares in the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. purchased a new position in shares of Brookfield Infrastructure in the first quarter worth $2,637,000. 68.89% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Separately, Wells Fargo & Company lowered their target price on shares of Brookfield Infrastructure from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, August 4th.
Brookfield Infrastructure Stock Performance
BIPC stock opened at $38.36 on Friday. Brookfield Infrastructure Co. has a one year low of $37.54 and a one year high of $50.03. The company’s fifty day moving average price is $43.36 and its 200-day moving average price is $44.41. The company has a market capitalization of $4.25 billion, a PE ratio of 26.64 and a beta of 1.19.
Brookfield Infrastructure Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.3825 per share. This represents a $1.53 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Wednesday, August 30th. Brookfield Infrastructure’s payout ratio is 106.25%.
About Brookfield Infrastructure
Brookfield Infrastructure Corporation, together with its subsidiaries, owns and operates regulated natural gas transmission systems in Brazil. The company also engages in the regulated gas and electricity distribution operations in the United Kingdom; and electricity transmission and distribution, as well as gas distribution in Australia.
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