Parnassus Investments LLC Grows Holdings in Brookfield Renewable Corporation $BEPC

Key Points

• Parnassus Investments LLC increased its holdings in Brookfield Renewable Corporation (NYSE:BEPC) by 24.2%, owning 4,855,793 shares valued at approximately $135.57 million as of its latest SEC filing.
• Brookfield Renewable announced a quarterly dividend of $0.373, with a dividend yield of 4.3%, to be paid out on September 30th, highlighting its ongoing commitment to returning value to shareholders.
• Several analysts have rated Brookfield Renewable with a consensus rating of "Moderate Buy", with price targets ranging from $32.00 to $39.00, indicating positive market sentiment around the stock.

Parnassus Investments LLC lifted its position in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 24.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,855,793 shares of the company's stock after purchasing an additional 945,297 shares during the period. Parnassus Investments LLC owned 3.35% of Brookfield Renewable worth $135,574,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its position in Brookfield Renewable by 15.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,205 shares of the company's stock valued at $863,000 after purchasing an additional 4,190 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Brookfield Renewable by 1.6% in the first quarter. Bank of New York Mellon Corp now owns 484,723 shares of the company's stock valued at $13,533,000 after acquiring an additional 7,415 shares in the last quarter. LPL Financial LLC lifted its stake in Brookfield Renewable by 91.9% in the first quarter. LPL Financial LLC now owns 64,108 shares of the company's stock worth $1,790,000 after acquiring an additional 30,704 shares during the period. BNP Paribas Financial Markets bought a new position in Brookfield Renewable during the 4th quarter worth about $216,000. Finally, Janney Montgomery Scott LLC purchased a new position in Brookfield Renewable during the 1st quarter valued at about $532,000. 75.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BEPC has been the subject of a number of analyst reports. Morgan Stanley upped their target price on Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. JPMorgan Chase & Co. raised their price target on Brookfield Renewable from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company dropped their price objective on shares of Brookfield Renewable from $33.00 to $32.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Brookfield Renewable presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Brookfield Renewable Price Performance

Shares of Brookfield Renewable stock traded down $0.61 during mid-day trading on Tuesday, reaching $33.10. 893,749 shares of the stock traded hands, compared to its average volume of 1,000,069. The stock has a market capitalization of $4.79 billion, a PE ratio of -37.19 and a beta of 1.13. The business has a 50-day moving average of $34.23 and a 200 day moving average of $30.59. Brookfield Renewable Corporation has a fifty-two week low of $23.73 and a fifty-two week high of $37.00. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.19.

Brookfield Renewable Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.373 per share. 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 4.5%. Brookfield Renewable's dividend payout ratio is presently -167.42%.

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.