Bank of Nova Scotia Reduces Stock Holdings in Brookfield Renewable Corporation $BEPC

Key Points

• Bank of Nova Scotia cut its Brookfield Renewable stake by 39.9% in the first quarter, selling 122,770 shares and retaining 184,553 shares valued at approximately $7.35 million. Institutional investors collectively own 75.12% of the company.
• Brookfield Renewable shares opened at $32.59, near their 12-month low of $32.10 and below their 50-day and 200-day moving averages. The company pays a quarterly dividend of $0.392, equivalent to an annualized yield of about 4.8%.
• Analyst sentiment remains cautious: Barclays and JPMorgan maintained or assigned neutral ratings, while Weiss Ratings reiterated a sell-related downgrade. The stock has a consensus rating of “Reduce” and an average price target of $39.67.

Bank of Nova Scotia lowered its holdings in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 39.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 184,553 shares of the company's stock after selling 122,770 shares during the quarter. Bank of Nova Scotia owned 0.12% of Brookfield Renewable worth $7,353,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. boosted its holdings in Brookfield Renewable by 84.7% in the first quarter. Sei Investments Co. now owns 156,629 shares of the company's stock valued at $6,239,000 after purchasing an additional 71,815 shares during the last quarter. Walleye Capital LLC boosted its stake in shares of Brookfield Renewable by 309.4% in the first quarter. Walleye Capital LLC now owns 300,983 shares of the company's stock worth $11,988,000 after buying an additional 227,465 shares during the last quarter. Cetera Investment Advisers grew its holdings in Brookfield Renewable by 73.3% during the first quarter. Cetera Investment Advisers now owns 72,473 shares of the company's stock worth $2,887,000 after acquiring an additional 30,662 shares during the period. PNC Financial Services Group Inc. grew its holdings in Brookfield Renewable by 14.9% during the first quarter. PNC Financial Services Group Inc. now owns 21,725 shares of the company's stock worth $865,000 after acquiring an additional 2,810 shares during the period. Finally, Andra AP fonden raised its position in Brookfield Renewable by 77.4% during the first quarter. Andra AP fonden now owns 19,717 shares of the company's stock valued at $785,000 after acquiring an additional 8,600 shares in the last quarter. Hedge funds and other institutional investors own 75.12% of the company's stock.

Brookfield Renewable Price Performance

Brookfield Renewable stock opened at $32.59 on Tuesday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.33 and a current ratio of 0.33. The business has a 50 day simple moving average of $36.69 and a 200-day simple moving average of $39.12. Brookfield Renewable Corporation has a 12 month low of $32.10 and a 12 month high of $45.18.

Brookfield Renewable Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th were given a $0.392 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.57 annualized dividend and a dividend yield of 4.8%.

Wall Street Analyst Weigh In

BEPC has been the topic of a number of analyst reports. Barclays raised their price objective 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. reiterated a "neutral" rating and issued a $38.00 target price on shares of Brookfield Renewable in a research note on Tuesday, July 21st. Finally, Weiss Ratings downgraded shares of Brookfield Renewable from a "sell (d)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $39.67.

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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