Brookfield Renewable Corporation (NYSE:BEPC) Stake Lowered by TD Asset Management Inc

Key Points

• TD Asset Management Inc significantly reduced its stake in Brookfield Renewable Corporation by 83.3% during the first quarter, leaving them with 183,849 shares valued at approximately $5.13 million.
• Analysts have mixed views on Brookfield Renewable, with Wells Fargo lowering its price target from $33.00 to $32.00, while JPMorgan Chase raised it from $34.00 to $38.00, maintaining an "overweight" rating.
• Brookfield Renewable's recent quarterly dividend was $0.373 per share, leading to an annualized yield of 4.4%, although the company has a negative payout ratio of -167.42%.

TD Asset Management Inc lowered its position in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 83.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 183,849 shares of the company's stock after selling 913,768 shares during the quarter. TD Asset Management Inc owned about 0.13% of Brookfield Renewable worth $5,131,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Mediolanum International Funds Ltd acquired a new stake in Brookfield Renewable in the first quarter worth approximately $148,000. Neo Ivy Capital Management bought a new position in Brookfield Renewable during the first quarter valued at about $1,567,000. Cetera Investment Advisers grew its holdings in Brookfield Renewable by 17.2% during the first quarter. Cetera Investment Advisers now owns 22,196 shares of the company's stock worth $620,000 after acquiring an additional 3,252 shares during the period. Argonautica Private Wealth Management Inc. lifted its holdings in Brookfield Renewable by 39.9% in the 1st quarter. Argonautica Private Wealth Management Inc. now owns 36,272 shares of the company's stock valued at $1,013,000 after acquiring an additional 10,342 shares during the last quarter. Finally, Choreo LLC bought a new position in shares of Brookfield Renewable during the 1st quarter valued at about $294,000. 75.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BEPC has been the topic of a number of recent research reports. Wells Fargo & Company decreased their target price on Brookfield Renewable from $33.00 to $32.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. JPMorgan Chase & Co. upped 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.

Brookfield Renewable Stock Down 1.6%

Shares of BEPC traded down $0.54 during mid-day trading on Wednesday, reaching $33.79. The company's stock had a trading volume of 561,613 shares, compared to its average volume of 1,032,843. The company has a market cap of $4.90 billion, a price-to-earnings ratio of -37.96 and a beta of 1.17. The business has a fifty day moving average of $33.18 and a 200 day moving average of $29.56. The company has a quick ratio of 0.25, a current ratio of 0.27 and a debt-to-equity ratio of 1.19. Brookfield Renewable Corporation has a 1 year low of $23.73 and a 1 year high of $37.00.

Brookfield Renewable Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.373 per share. This represents a $1.49 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 29th. 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.