Brookfield Renewable Partners L.P. (NYSE:BEP) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Brookfield Renewable Partners by 32.0%, selling 748,542 shares in the first quarter of the year, leaving it with approximately $35.2 million in value.
• Brookfield Renewable Partners saw its shares decline by 6.2%, with a current stock price of $25.83 and a market cap of $7.33 billion.
• The company announced a quarterly dividend of $0.373, resulting in a yield of 5.8%, despite a negative payout ratio of -147.52%.

Bank of Nova Scotia trimmed its holdings in shares of Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 32.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,590,398 shares of the utilities provider's stock after selling 748,542 shares during the quarter. Bank of Nova Scotia owned approximately 0.56% of Brookfield Renewable Partners worth $35,216,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Bank of Nova Scotia Trust Co. grew its holdings in Brookfield Renewable Partners by 31.3% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 148,495 shares of the utilities provider's stock worth $3,384,000 after purchasing an additional 35,429 shares during the last quarter. SOA Wealth Advisors LLC. purchased a new position in Brookfield Renewable Partners in the first quarter worth $583,000. Cambridge Investment Research Advisors Inc. grew its holdings in Brookfield Renewable Partners by 16.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,921 shares of the utilities provider's stock worth $574,000 after purchasing an additional 3,722 shares during the last quarter. Jane Street Group LLC grew its holdings in Brookfield Renewable Partners by 69.7% in the fourth quarter. Jane Street Group LLC now owns 45,271 shares of the utilities provider's stock worth $1,032,000 after purchasing an additional 18,593 shares during the last quarter. Finally, TD Waterhouse Canada Inc. grew its holdings in Brookfield Renewable Partners by 17.0% in the fourth quarter. TD Waterhouse Canada Inc. now owns 681,400 shares of the utilities provider's stock worth $15,398,000 after purchasing an additional 98,966 shares during the last quarter. 63.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BEP shares. Scotiabank lifted their price target on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the stock a "sector outperform" rating in a report on Friday, July 18th. JPMorgan Chase & Co. cut their price target on shares of Brookfield Renewable Partners from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. CIBC lifted their price objective on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an "outperformer" rating in a research note on Monday, July 21st. National Bankshares lifted their price objective on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Wells Fargo & Company lowered their price objective on shares of Brookfield Renewable Partners from $29.00 to $27.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.11.

Brookfield Renewable Partners Stock Performance

NYSE BEP traded down $0.13 on Thursday, reaching $25.60. 70,136 shares of the company's stock traded hands, compared to its average volume of 639,461. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of -26.92 and a beta of 1.05. The stock has a 50 day moving average price of $25.90 and a 200-day moving average price of $23.61. Brookfield Renewable Partners L.P. has a fifty-two week low of $19.29 and a fifty-two week high of $29.56. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.51 and a current ratio of 0.44.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its earnings results on Friday, August 1st. The utilities provider reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.03). The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.64 billion. Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. Equities research analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be given a $0.373 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.49 dividend on an annualized basis and a dividend yield of 5.8%. Brookfield Renewable Partners's dividend payout ratio is -156.84%.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.