Gotham Asset Management LLC Sells 348,722 Shares of Brookfield Renewable Corporation $BEPC

Key Points

• Gotham Asset Management LLC reduced its stake in Brookfield Renewable Corporation by 42.9%, selling 348,722 shares, leaving them with a total of approximately 464,149 shares worth $12.96 million.
• Brookfield Renewable recently declared a quarterly dividend of $0.373, which yields 4.5% and will be paid on September 30th.
• Analysts are optimistic about the stock, with Morgan Stanley raising their target price to $39.00 and indicating an "overweight" rating, while the average consensus price target currently stands at $35.00.

Gotham Asset Management LLC cut its stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 42.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 464,149 shares of the company's stock after selling 348,722 shares during the period. Gotham Asset Management LLC owned about 0.32% of Brookfield Renewable worth $12,959,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Brookfield Renewable in the 1st quarter worth approximately $756,000. Ardsley Advisory Partners LP acquired a new position in shares of Brookfield Renewable in the 1st quarter worth approximately $698,000. Amundi raised its holdings in shares of Brookfield Renewable by 24.2% in the 1st quarter. Amundi now owns 292,483 shares of the company's stock worth $8,271,000 after buying an additional 56,908 shares in the last quarter. MAI Capital Management increased its holdings in Brookfield Renewable by 59.0% during the 1st quarter. MAI Capital Management now owns 951 shares of the company's stock valued at $27,000 after purchasing an additional 353 shares in the last quarter. Finally, Baird Financial Group Inc. increased its holdings in Brookfield Renewable by 4.7% during the 1st quarter. Baird Financial Group Inc. now owns 2,022,268 shares of the company's stock valued at $56,462,000 after purchasing an additional 91,367 shares in the last quarter. 75.12% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Stock Up 1.5%

Shares of BEPC traded up $0.51 during midday trading on Tuesday, hitting $33.90. The stock had a trading volume of 702,296 shares, compared to its average volume of 715,642. 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 50 day simple moving average of $34.31 and a two-hundred day simple moving average of $30.77. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of -38.09 and a beta of 1.13. Brookfield Renewable Corporation has a twelve month low of $23.73 and a twelve month high of $37.00.

Brookfield Renewable Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BEPC shares. JPMorgan Chase & Co. raised their price target on Brookfield Renewable from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Morgan Stanley raised their price target on Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $35.00.

Brookfield Renewable 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.