Neo Ivy Capital Management Takes Position in Brookfield Renewable Corporation (NYSE:BEPC)

Key Points

• Neo Ivy Capital Management acquired a new stake in Brookfield Renewable Corporation, buying 56,112 shares valued at approximately $1.57 million during the first quarter.
• Brookfield Renewable's recent quarterly dividend was $0.373, reflecting an annualized dividend of $1.49, which results in a dividend yield of 4.08% despite a negative payout ratio of -167.42%.
• JPMorgan Chase & Co. increased its price target on Brookfield Renewable from $34.00 to $38.00, highlighting a positive outlook and an "overweight" rating for the stock.

Neo Ivy Capital Management acquired a new stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 56,112 shares of the company's stock, valued at approximately $1,567,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth Equity Services LLC lifted its position in Brookfield Renewable by 164.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 80,547 shares of the company's stock worth $2,228,000 after acquiring an additional 50,082 shares in the last quarter. American Century Companies Inc. acquired a new position in Brookfield Renewable during the 4th quarter worth approximately $4,642,000. LPL Financial LLC lifted its position in Brookfield Renewable by 2.8% during the 4th 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. lifted its position in Brookfield Renewable by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 5,581,621 shares of the company's stock worth $154,464,000 after acquiring an additional 106,880 shares in the last quarter. Finally, Modern Wealth Management LLC lifted its position in Brookfield Renewable by 4.7% during the 4th quarter. Modern Wealth Management LLC now owns 13,767 shares of the company's stock worth $373,000 after acquiring an additional 623 shares in the last quarter. 75.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BEPC has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price target on Brookfield Renewable from $34.00 to $38.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Barclays assumed coverage on Brookfield Renewable in a research report on Wednesday, April 2nd. They issued an "equal weight" rating and a $31.00 target price on the stock. Finally, Wells Fargo & Company cut their target price 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.

Brookfield Renewable Stock Performance

BEPC traded down $0.32 during trading on Tuesday, reaching $36.48. 351,577 shares of the company were exchanged, compared to its average volume of 1,034,443. The stock has a market cap of $5.29 billion, a P/E ratio of -40.99 and a beta of 1.16. The firm has a 50 day moving average of $32.42 and a 200 day moving average of $29.19. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 1.03. Brookfield Renewable Corporation has a 52 week low of $23.73 and a 52 week high of $36.96.

Brookfield Renewable Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, May 30th were paid a $0.373 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.49 annualized dividend and a dividend yield of 4.09%. Brookfield Renewable's payout ratio is -167.42%.

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.