Diversify Wealth Management LLC Takes Position in Brookfield Renewable Corporation $BEPC

Key Points

• Diversify Wealth Management LLC opened a new position in Brookfield Renewable, buying 38,913 shares worth about $1.55 million in the first quarter.
• Institutional interest in BEPC remains high, with several firms increasing stakes and 75.12% of the stock now held by institutional investors.
• Analyst sentiment is cautious overall: the stock has a “Reduce” consensus rating with an average target price of $42.33, while BEPC recently traded at $34.60 and offers a 4.5% dividend yield.

Diversify Wealth Management LLC purchased a new position in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 38,913 shares of the company's stock, valued at approximately $1,550,000.

Several other institutional investors and hedge funds have also modified their holdings of BEPC. JPMorgan Chase & Co. raised its stake in Brookfield Renewable by 81.0% during the third quarter. JPMorgan Chase & Co. now owns 228,888 shares of the company's stock worth $7,878,000 after acquiring an additional 102,406 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Brookfield Renewable by 502.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 78,837 shares of the company's stock valued at $3,023,000 after purchasing an additional 65,757 shares in the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Brookfield Renewable during the 3rd quarter valued at approximately $98,293,000. Investment Research Partners LLC bought a new stake in shares of Brookfield Renewable during the 3rd quarter valued at approximately $1,227,000. Finally, Eagle Global Advisors LLC bought a new stake in shares of Brookfield Renewable during the 4th quarter valued at approximately $1,263,000. 75.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BEPC. Morgan Stanley reissued an "underweight" rating and issued a $42.00 price objective (down from $48.00) on shares of Brookfield Renewable in a research note on Monday, March 23rd. JPMorgan Chase & Co. boosted their target price on shares of Brookfield Renewable from $48.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Weiss Ratings downgraded shares of Brookfield Renewable from a "sell (d)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Finally, Wall Street Zen cut Brookfield Renewable from a "hold" rating to a "sell" rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $42.33.

Brookfield Renewable Price Performance

NYSE:BEPC opened at $34.60 on Wednesday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.33 and a current ratio of 0.33. The stock's 50-day moving average is $37.26 and its 200-day moving average is $39.46. Brookfield Renewable Corporation has a 1-year low of $32.76 and a 1-year high of $45.18.

Brookfield Renewable Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were issued a dividend of $0.392 per share. This represents a $1.57 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Friday, May 29th.

Brookfield Renewable Company Profile

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.

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