Bank of America Corp DE Raises Stock Holdings in Brookfield Renewable Partners L.P. $BEP

Key Points

• Bank of America increased its Brookfield Renewable Partners stake by 413.2% in the first quarter, bringing its holdings to 973,260 shares worth approximately $31.8 million. Institutional investors collectively own 63.16% of the company.
• Brookfield Renewable reported quarterly revenue of $1.71 billion, exceeding estimates, but its loss of $0.37 per share was slightly worse than expected. The partnership declared a quarterly dividend of $0.392, equivalent to a 4.5% annualized yield.
• Analyst sentiment is moderately bullish, with 10 Buy, five Hold and one Sell rating and a consensus price target of $37.79, compared with the stock’s recent price of $34.76.

Bank of America Corp DE boosted its position in shares of Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 413.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 973,260 shares of the utilities provider's stock after buying an additional 783,620 shares during the quarter. Bank of America Corp DE owned approximately 0.32% of Brookfield Renewable Partners worth $31,767,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Brookfield Renewable Partners by 57.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider's stock worth $20,380,000 after acquiring an additional 333,789 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Brookfield Renewable Partners during the second quarter valued at about $34,000. Cresset Asset Management LLC raised its stake in shares of Brookfield Renewable Partners by 42.8% during the second quarter. Cresset Asset Management LLC now owns 20,031 shares of the utilities provider's stock valued at $511,000 after acquiring an additional 6,000 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Brookfield Renewable Partners during the second quarter worth about $648,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Brookfield Renewable Partners by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 1,490,603 shares of the utilities provider's stock worth $38,025,000 after purchasing an additional 62,774 shares during the period. Hedge funds and other institutional investors own 63.16% of the company's stock.

Brookfield Renewable Partners Stock Down 1.3%

Shares of Brookfield Renewable Partners stock opened at $34.76 on Friday. Brookfield Renewable Partners L.P. has a 1 year low of $24.16 and a 1 year high of $38.12. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of -75.57 and a beta of 1.11. The company has a 50-day moving average of $33.73 and a 200 day moving average of $33.09. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its quarterly earnings data on Friday, July 31st. The utilities provider reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.02). The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.56 billion. Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%. As a group, sell-side analysts anticipate that Brookfield Renewable Partners L.P. will post -1.51 earnings per share for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.392 dividend. This represents a $1.57 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, August 31st. Brookfield Renewable Partners's payout ratio is -341.30%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BEP. UBS Group restated a "buy" rating and set a $40.00 price target (up from $39.00) on shares of Brookfield Renewable Partners in a report on Friday, June 12th. Zacks Research lowered Brookfield Renewable Partners from a "hold" rating to a "strong sell" rating in a research report on Friday, July 3rd. Scotiabank reiterated an "outperform" rating and issued a $42.00 price objective (up from $36.00) on shares of Brookfield Renewable Partners in a research report on Friday, May 29th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $36.00 target price on shares of Brookfield Renewable Partners in a research note on Tuesday, July 21st. Finally, National Bank Financial decreased their target price on Brookfield Renewable Partners from $39.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, August 5th. Ten investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $37.79.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.

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