Russell Investments Group Ltd. Lowers Holdings in Brookfield Renewable Corporation $BEPC

Key Points

• Russell Investments Group Ltd. sold 65.6% of its holdings in Brookfield Renewable Corporation, reducing its ownership to 62,695 shares, valued at approximately $1.75 million.
• Brookfield Renewable recently declared a quarterly dividend of $0.373 per share, translating to an annualized yield of 4.4% with a notably high dividend payout ratio of -167.42%.
• Analysts are optimistic about Brookfield Renewable’s future, with three rating it as a "Buy" and a consensus target price set at $35.00.

Russell Investments Group Ltd. cut its stake in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 65.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,695 shares of the company's stock after selling 119,551 shares during the quarter. Russell Investments Group Ltd.'s holdings in Brookfield Renewable were worth $1,750,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in BEPC. HighTower Advisors LLC grew its position in shares of Brookfield Renewable by 3.8% in the 1st quarter. HighTower Advisors LLC now owns 63,764 shares of the company's stock worth $1,780,000 after buying an additional 2,331 shares during the last quarter. Nuveen LLC acquired a new stake in Brookfield Renewable in the first quarter valued at approximately $11,486,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Brookfield Renewable by 44.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,633 shares of the company's stock valued at $17,383,000 after acquiring an additional 190,424 shares in the last quarter. Everett Harris & Co. CA grew its holdings in Brookfield Renewable by 33.1% in the first quarter. Everett Harris & Co. CA now owns 16,075 shares of the company's stock worth $449,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Forsta AP Fonden acquired a new position in shares of Brookfield Renewable during the first quarter worth $1,409,000. Institutional investors own 75.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BEPC shares. Morgan Stanley raised their price objective on Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a research report on Tuesday. Wells Fargo & Company lowered their price objective on Brookfield Renewable from $33.00 to $32.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Brookfield Renewable from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Brookfield Renewable has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Brookfield Renewable Stock Down 2.1%

Shares of NYSE BEPC traded down $0.72 during midday trading on Friday, hitting $33.70. 989,666 shares of the company's stock were exchanged, compared to its average volume of 746,798. Brookfield Renewable Corporation has a twelve month low of $23.73 and a twelve month high of $37.00. The company has a market cap of $4.88 billion, a PE ratio of -37.87 and a beta of 1.17. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.27 and a quick ratio of 0.27. The firm's fifty day simple moving average is $34.20 and its 200-day simple moving average is $30.51.

Brookfield Renewable Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be paid a $0.373 dividend. This represents a $1.49 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, August 29th. Brookfield Renewable's dividend payout ratio is currently -167.42%.

Brookfield Renewable Company Profile

Brookfield Renewable Corporation owns and operates a portfolio of renewable power and sustainable solution assets primarily in the United States, Europe, Colombia, and Brazil. It operates hydroelectric, wind, solar, and distributed energy and sustainable solutions with an installed capacity of approximately 19,161 megawatts.