CIBC Asset Management Inc Cuts Stock Holdings in Brookfield Renewable Corporation $BEPC

CIBC Asset Management Inc cut its stake in shares of Brookfield Renewable Corporation (NYSE:BEPC) by 34.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 131,916 shares of the company’s stock after selling 67,904 shares during the period. CIBC Asset Management Inc owned 0.09% of Brookfield Renewable worth $4,541,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BEPC. Norges Bank purchased a new stake in Brookfield Renewable during the second quarter valued at about $58,250,000. Canada Pension Plan Investment Board lifted its stake in shares of Brookfield Renewable by 49.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,972,774 shares of the company’s stock valued at $97,457,000 after purchasing an additional 985,442 shares in the last quarter. Baird Financial Group Inc. lifted its stake in shares of Brookfield Renewable by 30.3% in the 2nd quarter. Baird Financial Group Inc. now owns 2,635,781 shares of the company’s stock valued at $86,401,000 after purchasing an additional 613,513 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in shares of Brookfield Renewable by 110.9% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,163,533 shares of the company’s stock worth $38,141,000 after purchasing an additional 611,792 shares during the period. Finally, Ninety One UK Ltd acquired a new stake in Brookfield Renewable during the 2nd quarter worth approximately $15,116,000. 75.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BEPC has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Brookfield Renewable from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Brookfield Renewable in a research note on Monday, December 29th. Barclays upped their price target on shares of Brookfield Renewable from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday. Morgan Stanley raised their price objective on Brookfield Renewable from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, November 24th. Finally, Wall Street Zen downgraded Brookfield Renewable from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 8th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $40.00.

Brookfield Renewable Stock Performance

Shares of BEPC opened at $40.27 on Wednesday. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of -45.24 and a beta of 1.23. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 1.21. The business’s 50 day moving average is $39.42 and its two-hundred day moving average is $37.74. Brookfield Renewable Corporation has a 52-week low of $23.73 and a 52-week high of $45.10.

Brookfield Renewable Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Friday, November 28th were paid a dividend of $0.373 per share. This represents a $1.49 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Friday, November 28th. Brookfield Renewable’s dividend payout ratio is -167.42%.

About Brookfield Renewable

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.