Advisors Capital Management LLC Cuts Stake in Brookfield Renewable Corporation $BEPC

Key Points

• Advisors Capital Management LLC trimmed its stake in Brookfield Renewable (NYSE:BEPC) by 1.4% in Q4, selling 24,566 shares and now holding 1,763,673 shares valued at about $67.62 million, while institutional investors own roughly 75.12% of the stock.
• Dividend increase: Brookfield Renewable raised its quarterly dividend to $0.392 from $0.37 (a $1.57 annualized payout), giving a roughly 3.8% yield; the dividend was paid March 31 with an ex-dividend date of Feb. 27.
• Mixed analyst views: the consensus rating is "Hold" with a $39.75 target, though firms vary—JPMorgan upgraded to "overweight" with a $49 target while Morgan Stanley reaffirmed "underweight" at $42, and analyst ratings split between buys, holds and sells.

Advisors Capital Management LLC reduced its stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,763,673 shares of the company's stock after selling 24,566 shares during the period. Brookfield Renewable makes up 0.8% of Advisors Capital Management LLC's portfolio, making the stock its 29th biggest position. Advisors Capital Management LLC owned approximately 1.22% of Brookfield Renewable worth $67,619,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Diversify Advisory Services LLC lifted its holdings in shares of Brookfield Renewable by 0.9% during the fourth quarter. Diversify Advisory Services LLC now owns 36,187 shares of the company's stock valued at $1,429,000 after purchasing an additional 310 shares in the last quarter. Modern Wealth Management LLC lifted its holdings in shares of Brookfield Renewable by 2.3% during the second quarter. Modern Wealth Management LLC now owns 14,856 shares of the company's stock valued at $487,000 after purchasing an additional 327 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of Brookfield Renewable by 0.6% during the second quarter. Treasurer of the State of North Carolina now owns 63,088 shares of the company's stock valued at $2,068,000 after purchasing an additional 368 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Brookfield Renewable by 2.7% during the third quarter. Sei Investments Co. now owns 14,309 shares of the company's stock valued at $493,000 after purchasing an additional 375 shares in the last quarter. Finally, Cardinal Point Capital Management ULC lifted its holdings in shares of Brookfield Renewable by 5.6% during the third quarter. Cardinal Point Capital Management ULC now owns 7,168 shares of the company's stock valued at $247,000 after purchasing an additional 380 shares in the last quarter. 75.12% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Trading Up 0.7%

NYSE BEPC opened at $41.24 on Friday. The stock's 50-day moving average price is $41.38 and its 200-day moving average price is $40.76. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 1.35. Brookfield Renewable Corporation has a 52 week low of $27.27 and a 52 week high of $45.18.

Brookfield Renewable Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, February 27th were given a dividend of $0.392 per share. This is an increase from Brookfield Renewable's previous quarterly dividend of $0.37. This represents a $1.57 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, February 27th.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BEPC. Morgan Stanley reaffirmed an "underweight" rating and set a $42.00 price target (down from $48.00) on shares of Brookfield Renewable in a report on Monday, March 23rd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Brookfield Renewable in a report on Monday, December 29th. JPMorgan Chase & Co. upped their price target on Brookfield Renewable from $48.00 to $49.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Barclays increased their target price on Brookfield Renewable from $35.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, January 23rd. Finally, Wall Street Zen downgraded Brookfield Renewable from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Brookfield Renewable currently has an average rating of "Hold" and a consensus target price of $39.75.

Brookfield Renewable Company Profile

Brookfield Renewable Corporation NYSE: BEPC is a leading global owner, operator and developer of renewable power assets. Through its preferred equity securities, BEPC provides investors with exposure to a diversified portfolio of hydropower, wind, solar and energy storage facilities that are underpinned by long-term contractual revenues. The company focuses on delivering clean energy to wholesale and retail markets across multiple jurisdictions, leveraging the experience and financial backing of its parent, Brookfield Asset Management.

The company's operations span North America, South America, Europe and Asia-Pacific, with more than 23,000 megawatts of operational capacity.

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