Scotia Capital Inc. Raises Stake in Brookfield Renewable Corporation (NYSE:BEPC)

Key Points

• Scotia Capital Inc. increased its stake in Brookfield Renewable Corporation by 4.1%, acquiring an additional 57,202 shares, bringing its total ownership to 1,444,156 shares valued at approximately $39.8 million.
• Brookfield Renewable recently announced a quarterly dividend of $0.373 per share, resulting in an annualized yield of 4.4%, despite a negative payout ratio of -167.42%.
• Analysts have mixed views on Brookfield Renewable's stock, with JPMorgan Chase & Co. raising its price target to $38.00 while Wells Fargo reduced it to $32.00.

Scotia Capital Inc. raised its position in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,444,156 shares of the company's stock after acquiring an additional 57,202 shares during the period. Scotia Capital Inc. owned approximately 1.00% of Brookfield Renewable worth $39,777,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BEPC. Norges Bank acquired a new stake in shares of Brookfield Renewable in the 4th quarter worth $47,478,000. Epoch Investment Partners Inc. lifted its stake in shares of Brookfield Renewable by 27.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 2,252,187 shares of the company's stock worth $62,295,000 after acquiring an additional 490,448 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of Brookfield Renewable by 135.0% in the 4th quarter. Voloridge Investment Management LLC now owns 668,096 shares of the company's stock worth $18,480,000 after acquiring an additional 383,787 shares during the period. Gotham Asset Management LLC lifted its stake in shares of Brookfield Renewable by 77.1% in the fourth quarter. Gotham Asset Management LLC now owns 812,871 shares of the company's stock valued at $22,484,000 after purchasing an additional 354,008 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Brookfield Renewable by 52.3% in the fourth quarter. Northern Trust Corp now owns 756,065 shares of the company's stock valued at $20,913,000 after purchasing an additional 259,519 shares during the period. Institutional investors and hedge funds own 75.12% of the company's stock.

Brookfield Renewable Stock Down 7.5%

Shares of NYSE BEPC opened at $33.89 on Friday. The company has a quick ratio of 0.25, a current 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 $37.00. The firm has a 50-day moving average price of $32.97 and a 200 day moving average price of $29.44. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -38.08 and a beta of 1.17.

Brookfield Renewable Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were given a dividend of $0.373 per share. The ex-dividend date was Friday, May 30th. This represents a $1.49 dividend on an annualized basis and a yield of 4.4%. Brookfield Renewable's payout ratio is presently -167.42%.

Analysts Set New Price Targets

Several analysts recently commented on BEPC shares. JPMorgan Chase & Co. raised their price objective on shares of Brookfield Renewable from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company reduced their price objective on shares of Brookfield Renewable from $33.00 to $32.00 and set an "overweight" rating for the company in a research note on Monday, May 5th.

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.

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