Baird Financial Group Inc. Acquires 91,367 Shares of Brookfield Renewable Corporation $BEPC

Key Points

• Baird Financial Group Inc. increased its stake in Brookfield Renewable Corporation by 4.7%, acquiring an additional 91,367 shares, bringing its total ownership to over 2 million shares valued at approximately $56.5 million.
• Several institutional investors also modified their holdings, with 75.12% of Brookfield Renewable's stock currently owned by institutional investors.
• Brookfield Renewable recently declared a quarterly dividend of $0.373, yielding 4.4%, with the ex-dividend date set for August 29th.

Baird Financial Group Inc. increased its position in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,022,268 shares of the company's stock after purchasing an additional 91,367 shares during the quarter. Baird Financial Group Inc. owned approximately 1.40% of Brookfield Renewable worth $56,462,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Canada Pension Plan Investment Board raised its holdings in Brookfield Renewable by 177.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,987,332 shares of the company's stock worth $55,486,000 after purchasing an additional 1,270,946 shares in the last quarter. Parnassus Investments LLC grew its position in shares of Brookfield Renewable by 24.2% in the 1st quarter. Parnassus Investments LLC now owns 4,855,793 shares of the company's stock worth $135,574,000 after buying an additional 945,297 shares during the period. Redwood Investment Management LLC purchased a new stake in shares of Brookfield Renewable in the 1st quarter worth about $1,303,000. Harvest Portfolios Group Inc. increased its stake in shares of Brookfield Renewable by 5.1% in the 1st quarter. Harvest Portfolios Group Inc. now owns 329,128 shares of the company's stock worth $9,187,000 after acquiring an additional 16,021 shares in the last quarter. Finally, WealthTrust Axiom LLC purchased a new position in Brookfield Renewable during the 1st quarter valued at about $205,000. 75.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. JPMorgan Chase & Co. upped their price target 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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Brookfield Renewable currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.00.

Brookfield Renewable Stock Performance

Shares of Brookfield Renewable stock traded up $0.58 during trading on Thursday, hitting $33.54. 545,086 shares of the company's stock traded hands, compared to its average volume of 999,175. Brookfield Renewable Corporation has a 1 year low of $23.73 and a 1 year high of $37.00. The business has a 50-day simple moving average of $34.25 and a 200-day simple moving average of $30.63. The stock has a market capitalization of $4.86 billion, a P/E ratio of -37.69 and a beta of 1.13. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.27 and a quick ratio of 0.27.

Brookfield Renewable Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be given a $0.373 dividend. This represents a $1.49 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Renewable's payout ratio is -167.42%.

About Brookfield Renewable

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.