Raymond James Financial Inc. Raises Stock Holdings in Brookfield Renewable Corporation $BEPC

Key Points

• Raymond James Financial Inc. raised its stake in Brookfield Renewable Corporation (NYSE:BEPC) by 23.2%, owning approximately 0.11% of the company's stock, valued at $4,575,000 after the purchase.
• Brookfield Renewable’s stock has seen a price increase in target ratings from analysts, with Morgan Stanley and JPMorgan boosting their price targets to $39.00 and $38.00 respectively, reflecting a "Moderate Buy" consensus.
• Brookfield Renewable announced a quarterly dividend of $0.373, providing an annualized yield of 4.5%, despite a negative dividend payout ratio of -167.42%.

Raymond James Financial Inc. lifted its holdings in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 23.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 163,852 shares of the company's stock after purchasing an additional 30,840 shares during the quarter. Raymond James Financial Inc. owned about 0.11% of Brookfield Renewable worth $4,575,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Brookfield Renewable by 43.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,244 shares of the company's stock valued at $35,000 after purchasing an additional 374 shares during the period. Comprehensive Money Management Services LLC increased its holdings in shares of Brookfield Renewable by 3.3% in the first quarter. Comprehensive Money Management Services LLC now owns 14,095 shares of the company's stock valued at $394,000 after purchasing an additional 445 shares during the period. CWM LLC increased its holdings in shares of Brookfield Renewable by 14.6% in the first quarter. CWM LLC now owns 4,058 shares of the company's stock valued at $113,000 after purchasing an additional 516 shares during the period. Public Employees Retirement System of Ohio increased its holdings in shares of Brookfield Renewable by 0.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 71,292 shares of the company's stock valued at $1,986,000 after purchasing an additional 579 shares during the period. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Brookfield Renewable by 0.5% in the first quarter. Oppenheimer & Co. Inc. now owns 198,881 shares of the company's stock valued at $5,553,000 after purchasing an additional 916 shares during the period. 75.12% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Renewable Price Performance

BEPC traded up $0.15 during trading on Thursday, reaching $33.86. 754,338 shares of the stock were exchanged, compared to its average volume of 707,868. The business's 50 day moving average price is $34.32 and its two-hundred day moving average price is $30.84. 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 company has a market capitalization of $4.91 billion, a price-to-earnings ratio of -38.05 and a beta of 1.13. Brookfield Renewable Corporation has a 1 year low of $23.73 and a 1 year high of $37.00.

Brookfield Renewable Announces Dividend

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

Analysts Set New Price Targets

BEPC has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Brookfield Renewable from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Morgan Stanley lifted their price target on Brookfield Renewable from $38.00 to $39.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

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.