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 raised its holdings in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 9.0% during the 1st quarter, according to 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 approximately 1.14% of Brookfield Renewable worth $46,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. MAI Capital Management boosted its stake in shares of Brookfield Renewable by 59.0% during the 1st quarter. MAI Capital Management now owns 951 shares of the company's stock worth $27,000 after acquiring an additional 353 shares during the last quarter. New England Capital Financial Advisors LLC purchased a new position in shares of Brookfield Renewable during the 1st quarter valued at $28,000. Monetary Management Group Inc. purchased a new position in shares of Brookfield Renewable during the 1st quarter valued at $28,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Brookfield Renewable by 43.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,244 shares of the company's stock valued at $35,000 after buying an additional 374 shares in the last quarter. Finally, SVB Wealth LLC purchased a new position in shares of Brookfield Renewable during the 1st quarter valued at $52,000. Hedge funds and other institutional investors own 75.12% of the company's stock.

Wall Street Analyst Weigh In

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

Brookfield Renewable Trading Up 0.1%

NYSE:BEPC traded up $0.04 during mid-day trading on Tuesday, hitting $34.52. 208,984 shares of the stock traded hands, compared to its average volume of 985,870. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of -38.82 and a beta of 1.13. Brookfield Renewable Corporation has a 52 week low of $23.73 and a 52 week high of $37.00. The firm's 50 day moving average is $34.33 and its two-hundred day moving average is $30.96. 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, August 29th will be issued a dividend of $0.373 per share. This represents a $1.49 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, August 29th. Brookfield Renewable's dividend payout ratio is presently -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.