Baird Financial Group Inc. Boosts Stock Position in Brookfield Renewable Corporation $BEPC

Key Points

• Baird Financial Group increased its Brookfield Renewable stake by 11.4% in the second quarter, adding 340,103 shares to own 3.34 million shares worth approximately $123.8 million. Institutional investors collectively hold 75.12% of the company.
• Analyst sentiment remains cautious: Brookfield Renewable has an average “Reduce” rating, with two Holds and two Sells, and an average price target of $39.
• BEPC shares opened at $32.55, while the company announced a quarterly dividend of $0.392 per share, representing a $1.57 annualized payout and a 4.8% yield.

Baird Financial Group Inc. lifted its stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 11.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,335,117 shares of the company's stock after purchasing an additional 340,103 shares during the quarter. Baird Financial Group Inc. owned about 2.21% of Brookfield Renewable worth $123,800,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Motiv8 Investments LLC purchased a new stake in shares of Brookfield Renewable in the fourth quarter valued at about $25,000. Allied Private Wealth LLC purchased a new stake in shares of Brookfield Renewable in the 2nd quarter valued at approximately $27,000. SHP Wealth Management acquired a new stake in shares of Brookfield Renewable during the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Brookfield Renewable during the 2nd quarter valued at approximately $33,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Brookfield Renewable during the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 75.12% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BEPC. Wall Street Zen lowered Brookfield Renewable from a "hold" rating to a "sell" rating in a research report on Sunday, August 9th. JPMorgan Chase & Co. reduced their target price on Brookfield Renewable from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Brookfield Renewable in a research note on Friday, July 31st. Finally, Barclays increased their price target on Brookfield Renewable from $36.00 to $39.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $39.00.

Brookfield Renewable Stock Up 2.5%

BEPC opened at $32.55 on Wednesday. Brookfield Renewable Corporation has a 52 week low of $30.91 and a 52 week high of $45.18. The business has a fifty day simple moving average of $33.83 and a 200-day simple moving average of $37.50. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.40 and a current ratio of 0.40.

Brookfield Renewable Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a dividend of $0.392 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.57 annualized dividend and a yield of 4.8%.

About Brookfield Renewable

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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