Advisors Capital Management LLC Buys 136,037 Shares of Brookfield Renewable Corporation $BEPC

Key Points

• Advisors Capital Management LLC increased its stake in Brookfield Renewable Corporation by 9% in the first quarter, acquiring an additional 136,037 shares, bringing its total holdings to approximately 1.655 million shares valued at $46.2 million.
• Analysts from Morgan Stanley and JPMorgan Chase & Co. raised their target prices for Brookfield Renewable, with averages indicating a "Moderate Buy" rating and a target price of $35.00.
• Brookfield Renewable declared a quarterly dividend of $0.373 per share, giving it an annualized yield of 4.4%, with the dividend payout ratio currently at -167.42%.

Advisors Capital Management LLC grew its stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 9.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,655,180 shares of the company's stock after acquiring an additional 136,037 shares during the quarter. Advisors Capital Management LLC owned 1.14% of Brookfield Renewable worth $46,212,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BEPC. MAI Capital Management increased its stake in shares of Brookfield Renewable by 59.0% in the 1st quarter. MAI Capital Management now owns 951 shares of the company's stock valued at $27,000 after acquiring an additional 353 shares during the last quarter. New England Capital Financial Advisors LLC bought a new stake in shares of Brookfield Renewable in the 1st quarter valued at about $28,000. Monetary Management Group Inc. bought a new stake in shares of Brookfield Renewable in the 1st quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Brookfield Renewable by 43.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,244 shares of the company's stock valued at $35,000 after acquiring an additional 374 shares during the last quarter. Finally, SVB Wealth LLC bought a new stake in shares of Brookfield Renewable in the 1st quarter valued at about $52,000. 75.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on BEPC shares. Morgan Stanley increased their target price on Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. JPMorgan Chase & Co. increased their target price on Brookfield Renewable from $34.00 to $38.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $35.00.

Brookfield Renewable Price Performance

Shares of BEPC opened at $33.74 on Thursday. The stock has a market capitalization of $4.89 billion, a P/E ratio of -37.91 and a beta of 1.13. Brookfield Renewable Corporation has a twelve month low of $23.73 and a twelve month high of $37.00. The company has a 50 day moving average of $34.32 and a 200-day moving average of $30.80. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.19.

Brookfield Renewable Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.373 per share. This represents a $1.49 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Renewable's dividend payout ratio (DPR) is currently -167.42%.

Brookfield Renewable Profile

Brookfield Renewable Corporation owns and operates a portfolio of renewable power and sustainable solution assets primarily in the United States, Europe, Colombia, and Brazil. It operates hydroelectric, wind, solar, and distributed energy and sustainable solutions with an installed capacity of approximately 19,161 megawatts.

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