Principal Financial Group Inc. Trims Holdings in Brookfield Renewable Corporation $BEPC

Key Points

• Principal Financial Group cut its Brookfield Renewable stake by 51.1% in the first quarter, selling more than 2.3 million shares and leaving it with 2.23 million shares valued at about $88.9 million.
• Brookfield Renewable shares rose 1.4% and were trading at $35.01, still below both the 50-day moving average of $37.21 and the 200-day moving average of $39.43.
• The company paid a quarterly dividend of $0.392 per share, or $1.57 annualized, for a yield of about 4.5%, while Wall Street currently holds a “Reduce” consensus rating with a $42.33 price target.

Principal Financial Group Inc. trimmed its holdings in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 51.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,231,318 shares of the company's stock after selling 2,330,036 shares during the quarter. Principal Financial Group Inc. owned 1.51% of Brookfield Renewable worth $88,875,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Motiv8 Investments LLC bought a new stake in Brookfield Renewable during the 4th quarter valued at about $25,000. Torren Management LLC bought a new position in Brookfield Renewable in the 4th quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Brookfield Renewable during the fourth quarter worth approximately $27,000. SHP Wealth Management purchased a new position in shares of Brookfield Renewable during the fourth quarter worth approximately $30,000. Finally, Princeton Global Asset Management LLC raised its stake in shares of Brookfield Renewable by 102.5% during the fourth quarter. Princeton Global Asset Management LLC now owns 800 shares of the company's stock valued at $31,000 after acquiring an additional 405 shares in the last quarter. 75.12% of the stock is currently owned by institutional investors.

Brookfield Renewable Stock Up 1.4%

Shares of BEPC stock opened at $35.01 on Thursday. Brookfield Renewable Corporation has a 52-week low of $32.76 and a 52-week high of $45.18. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.33 and a quick ratio of 0.33. The company's 50 day moving average is $37.21 and its 200 day moving average is $39.43.

Brookfield Renewable Dividend Announcement

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

Wall Street Analysts Forecast Growth

BEPC has been the topic of several research analyst reports. 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. Wall Street Zen lowered Brookfield Renewable from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. Weiss Ratings cut Brookfield Renewable from a "sell (d)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on Brookfield Renewable from $48.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Brookfield Renewable has an average rating of "Reduce" and a consensus price target of $42.33.

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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