Brookfield Renewable Corporation (NYSE:BEPC) Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH has increased its stake in Brookfield Renewable Corporation by 42.5%, bringing its total holdings to 27,467 shares worth approximately $767,000.
• Brookfield Renewable announced a quarterly dividend of $0.373 per share, reflecting an annualized dividend yield of 4.4%.
• Analysts have varying outlooks on Brookfield Renewable, with JPMorgan raising their price target from $34.00 to $38.00, while Wells Fargo reduced theirs from $33.00 to $32.00.

Allianz Asset Management GmbH increased its holdings in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 42.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,467 shares of the company's stock after purchasing an additional 8,188 shares during the quarter. Allianz Asset Management GmbH's holdings in Brookfield Renewable were worth $767,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BEPC. American Century Companies Inc. acquired a new position in shares of Brookfield Renewable in the fourth quarter valued at approximately $4,642,000. LPL Financial LLC raised its position in Brookfield Renewable by 2.8% in the fourth quarter. LPL Financial LLC now owns 33,404 shares of the company's stock worth $924,000 after acquiring an additional 902 shares in the last quarter. Vanguard Group Inc. boosted its position in Brookfield Renewable by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 5,581,621 shares of the company's stock worth $154,464,000 after purchasing an additional 106,880 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Brookfield Renewable by 2.9% during the fourth quarter. JPMorgan Chase & Co. now owns 588,262 shares of the company's stock worth $16,271,000 after purchasing an additional 16,304 shares in the last quarter. Finally, Norges Bank purchased a new stake in Brookfield Renewable during the fourth quarter worth $47,478,000. 75.12% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Price Performance

Shares of BEPC traded down $0.60 during midday trading on Wednesday, reaching $33.72. The stock had a trading volume of 517,248 shares, compared to its average volume of 1,032,487. Brookfield Renewable Corporation has a 52 week low of $23.73 and a 52 week high of $37.00. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.27 and a quick ratio of 0.25. The firm's 50 day moving average price is $33.18 and its 200-day moving average price is $29.56. The company has a market capitalization of $4.89 billion, a P/E ratio of -37.91 and a beta of 1.17.

Brookfield Renewable Dividend Announcement

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

Analyst Ratings Changes

BEPC has been the topic of several recent research reports. Wells Fargo & Company reduced 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. JPMorgan Chase & Co. increased their target price on Brookfield Renewable from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd.

About Brookfield Renewable

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.