Brookfield Renewable Corporation $BEPC Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial trimmed its stake in Brookfield Renewable by 1.8% (sold 85,170 shares), leaving 4,561,354 shares — about a 3.15% stake valued at ~$174.9 million, while institutional ownership stands at 75.12% and other large holders (e.g., UBS, Canada Pension Plan) materially increased positions.
• Analyst sentiment is mixed but tilting negative with a MarketBeat consensus of "Reduce" and an average price target of $42.33, despite some divergent calls (JPMorgan overweight at $49 vs. Morgan Stanley underweight at $42).
• Brookfield Renewable declared a quarterly dividend of $0.392 per share (annualized $1.57) with an ex-dividend date of May 29 and a yield of about 4.3%, payable June 30.

Principal Financial Group Inc. decreased its stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,561,354 shares of the company's stock after selling 85,170 shares during the quarter. Principal Financial Group Inc. owned approximately 3.15% of Brookfield Renewable worth $174,884,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BEPC. CIBC Bancorp USA Inc. acquired a new stake in shares of Brookfield Renewable in the third quarter valued at about $98,293,000. UBS Group AG grew its position in shares of Brookfield Renewable by 225.2% in the fourth quarter. UBS Group AG now owns 1,802,162 shares of the company's stock valued at $69,095,000 after purchasing an additional 1,247,953 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Brookfield Renewable by 49.6% in the second quarter. Canada Pension Plan Investment Board now owns 2,972,774 shares of the company's stock valued at $97,457,000 after purchasing an additional 985,442 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Brookfield Renewable in the third quarter valued at about $20,811,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Brookfield Renewable by 29.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,910,810 shares of the company's stock valued at $65,768,000 after purchasing an additional 437,006 shares during the period. Institutional investors and hedge funds own 75.12% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Brookfield Renewable from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. Barclays lifted their target price on shares of Brookfield Renewable from $35.00 to $36.00 and gave the company an "equal weight" rating in a research report on Friday, January 23rd. Weiss Ratings lowered shares of Brookfield Renewable from a "sell (d)" rating to a "sell (e+)" rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Brookfield Renewable from $48.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, Morgan Stanley restated an "underweight" rating and set a $42.00 price target (down from $48.00) on shares of Brookfield Renewable in a research report on Monday, March 23rd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $42.33.

Brookfield Renewable Price Performance

BEPC opened at $36.71 on Wednesday. Brookfield Renewable Corporation has a twelve month low of $27.27 and a twelve month high of $45.18. The firm's 50-day moving average price is $40.84 and its 200 day moving average price is $40.74. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.26 and a current ratio of 0.33.

Brookfield Renewable Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be given a dividend of $0.392 per share. The ex-dividend date is Friday, May 29th. This represents a $1.57 dividend on an annualized basis and a yield of 4.3%.

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.

Want to see what other hedge funds are holding BEPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brookfield Renewable Corporation (NYSE:BEPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.