Bank of America Corp DE Has $15.91 Million Position in Brookfield Renewable Partners L.P. (NYSE:BEP)

Bank of America Corp DE increased its position in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 12.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 698,025 shares of the utilities provider’s stock after acquiring an additional 75,083 shares during the period. Bank of America Corp DE owned about 0.24% of Brookfield Renewable Partners worth $15,908,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. CIBC Asset Management Inc raised its position in Brookfield Renewable Partners by 23.8% in the fourth quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock valued at $192,605,000 after purchasing an additional 1,628,524 shares during the last quarter. Abel Hall LLC acquired a new stake in Brookfield Renewable Partners during the 4th quarter worth approximately $456,000. Bank of Nova Scotia Trust Co. grew its holdings in Brookfield Renewable Partners by 31.3% during the 4th quarter. Bank of Nova Scotia Trust Co. now owns 148,495 shares of the utilities provider’s stock worth $3,384,000 after acquiring an additional 35,429 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Brookfield Renewable Partners in the 4th quarter valued at approximately $2,623,000. Finally, NINE MASTS CAPITAL Ltd increased its position in Brookfield Renewable Partners by 240.0% in the 4th quarter. NINE MASTS CAPITAL Ltd now owns 137,573 shares of the utilities provider’s stock valued at $3,135,000 after acquiring an additional 97,105 shares during the period. 63.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BEP shares. Scotiabank boosted their target price on shares of Brookfield Renewable Partners from $28.00 to $29.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Wells Fargo & Company decreased their price objective on Brookfield Renewable Partners from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. CIBC dropped their target price on shares of Brookfield Renewable Partners from $31.00 to $30.00 and set an “outperformer” rating for the company in a research report on Monday, May 5th. Barclays began coverage on Brookfield Renewable Partners in a research report on Wednesday, April 2nd. They issued an “equal weight” rating and a $27.00 target price for the company. Finally, StockNews.com downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.67.

Brookfield Renewable Partners Stock Down 1.9%

NYSE:BEP opened at $24.27 on Wednesday. Brookfield Renewable Partners L.P. has a 52 week low of $19.29 and a 52 week high of $29.56. The stock’s fifty day moving average is $22.52 and its two-hundred day moving average is $23.02. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of -27.27 and a beta of 0.99. The company has a quick ratio of 0.73, a current ratio of 0.25 and a debt-to-equity ratio of 0.93.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The business had revenue of $907.00 million for the quarter, compared to analysts’ expectations of $1.73 billion. Brookfield Renewable Partners had a negative return on equity of 0.03% and a negative net margin of 0.15%. Research analysts anticipate that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.373 per share. The ex-dividend date is Friday, May 30th. This represents a $1.49 dividend on an annualized basis and a yield of 6.15%. Brookfield Renewable Partners’s payout ratio is currently -147.52%.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.