SCS Capital Management LLC Buys New Stake in Brookfield Renewable Corporation $BEPC

Key Points

• SCS Capital Management LLC has acquired a new stake in Brookfield Renewable Corporation (NYSE:BEPC), purchasing 141,724 shares valued at approximately $3.96 million.
• Analysts are optimistic about Brookfield Renewable, with firms like Morgan Stanley and JPMorgan Chase & Co. raising their target prices and giving the stock an "overweight" rating.
• The company has announced a quarterly dividend of $0.373 per share, which represents an annualized yield of 4.4% with a notable negative dividend payout ratio of -167.42%.

SCS Capital Management LLC purchased a new stake in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 141,724 shares of the company's stock, valued at approximately $3,957,000. SCS Capital Management LLC owned about 0.10% of Brookfield Renewable as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Northern Trust Corp boosted its position in Brookfield Renewable by 52.3% during the 4th quarter. Northern Trust Corp now owns 756,065 shares of the company's stock worth $20,913,000 after purchasing an additional 259,519 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in Brookfield Renewable during the 4th quarter worth $227,000. BNP Paribas Financial Markets purchased a new stake in Brookfield Renewable during the 4th quarter worth $216,000. Cubist Systematic Strategies LLC purchased a new stake in Brookfield Renewable during the 4th quarter worth $208,000. Finally, Millennium Management LLC boosted its position in Brookfield Renewable by 28.9% during the 4th quarter. Millennium Management LLC now owns 408,254 shares of the company's stock worth $11,292,000 after purchasing an additional 91,549 shares during the period. 75.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Brookfield Renewable Stock Up 1.3%

Shares of Brookfield Renewable stock traded up $0.44 during midday trading on Monday, reaching $34.39. 168,498 shares of the company's stock traded hands, compared to its average volume of 988,128. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -38.62 and a beta of 1.13. The company's 50 day simple moving average is $34.32 and its 200 day simple moving average is $30.91. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.27 and a current ratio of 0.27. Brookfield Renewable Corporation has a 52 week low of $23.73 and a 52 week high of $37.00.

Brookfield Renewable Announces Dividend

The firm also recently declared 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 is Friday, August 29th. This represents a $1.49 dividend on an annualized basis and a dividend yield of 4.3%. Brookfield Renewable's dividend payout ratio (DPR) is currently -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.