Clearbridge Investments LLC Buys 4,681,203 Shares of Brookfield Renewable Corporation $BEPC

Clearbridge Investments LLC grew its stake in Brookfield Renewable Corporation (NYSE:BEPC) by 103.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,211,875 shares of the company’s stock after acquiring an additional 4,681,203 shares during the period. Clearbridge Investments LLC owned 6.36% of Brookfield Renewable worth $353,183,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Brookfield Renewable by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 6,095,578 shares of the company’s stock worth $233,817,000 after acquiring an additional 90,863 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Brookfield Renewable by 5.5% in the fourth quarter. Legal & General Group Plc now owns 4,160,715 shares of the company’s stock worth $159,809,000 after acquiring an additional 215,911 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Brookfield Renewable by 49.6% in the second quarter. Canada Pension Plan Investment Board now owns 2,972,774 shares of the company’s stock worth $97,457,000 after acquiring an additional 985,442 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Brookfield Renewable in the third quarter worth about $98,293,000. Finally, Bank of America Corp DE raised its stake in shares of Brookfield Renewable by 3.4% in the third quarter. Bank of America Corp DE now owns 2,295,040 shares of the company’s stock worth $78,995,000 after acquiring an additional 74,766 shares during the last quarter. 75.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on BEPC. Weiss Ratings downgraded shares of Brookfield Renewable from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Wall Street Zen downgraded shares of Brookfield Renewable from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Morgan Stanley reissued an “underweight” rating and set a $42.00 price target (down from $48.00) on shares of Brookfield Renewable in a research note on Monday, March 23rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Brookfield Renewable from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $42.33.

Brookfield Renewable Stock Down 0.2%

BEPC opened at $38.76 on Friday. 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 firm has a 50 day simple moving average of $39.36 and a 200 day simple moving average of $40.07. Brookfield Renewable Corporation has a fifty-two week low of $29.37 and a fifty-two week high of $45.18.

Brookfield Renewable Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a dividend of $0.392 per share. The ex-dividend date is Friday, May 29th. This represents a $1.57 dividend on an annualized basis and a yield of 4.0%.

Brookfield Renewable 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.