Bank of America Corp DE Sells 364,368 Shares of Brookfield Renewable Corporation $BEPC

Key Points

• Bank of America reduced its Brookfield Renewable stake by 17.4%, selling 364,368 shares in the first quarter and retaining 1.73 million shares valued at approximately $68.8 million. Institutional investors collectively own 75.12% of BEPC.
• Brookfield Renewable shares opened at $33.22, near the lower end of their 52-week range, while the company announced a quarterly dividend of $0.392 per share, representing a 4.7% annualized yield.
• Analyst sentiment remains cautious: BEPC has a consensus rating of “Reduce” and a $39 target price, with recent coverage including neutral and sell ratings.

Bank of America Corp DE decreased its position in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 17.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,726,692 shares of the company's stock after selling 364,368 shares during the period. Bank of America Corp DE owned approximately 1.17% of Brookfield Renewable worth $68,774,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BEPC. AQR Capital Management LLC purchased a new stake in Brookfield Renewable in the first quarter worth approximately $756,000. Integrated Wealth Concepts LLC bought a new position in shares of Brookfield Renewable during the 1st quarter valued at $214,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Brookfield Renewable by 115.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,963 shares of the company's stock worth $1,813,000 after purchasing an additional 34,799 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Brookfield Renewable by 32.7% in the first quarter. Goldman Sachs Group Inc. now owns 644,505 shares of the company's stock worth $17,995,000 after purchasing an additional 158,771 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Brookfield Renewable by 2.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 226,020 shares of the company's stock valued at $6,310,000 after buying an additional 4,768 shares during the period. Institutional investors own 75.12% of the company's stock.

Brookfield Renewable Price Performance

Shares of Brookfield Renewable stock opened at $33.22 on Tuesday. Brookfield Renewable Corporation has a 1 year low of $31.82 and a 1 year high of $45.18. The company has a 50-day moving average of $35.69 and a 200 day moving average of $38.73. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.10.

Brookfield Renewable Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.392 per share. This represents a $1.57 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, August 31st.

Analysts Set New Price Targets

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

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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