Principal Financial Group Inc. Cuts Stake in Brookfield Renewable Corporation $BEPC

Principal Financial Group Inc. cut its holdings in shares of Brookfield Renewable Corporation (NYSE:BEPC) by 51.1% during the first quarter, HoldingsChannel.com reports. The firm owned 2,231,318 shares of the company’s stock after selling 2,330,036 shares during the period. Principal Financial Group Inc.’s holdings in Brookfield Renewable were worth $88,875,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in Brookfield Renewable by 81.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 228,888 shares of the company’s stock valued at $7,878,000 after buying an additional 102,406 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Brookfield Renewable by 502.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 78,837 shares of the company’s stock valued at $3,023,000 after purchasing an additional 65,757 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Brookfield Renewable in the 3rd quarter worth approximately $98,293,000. Investment Research Partners LLC acquired a new stake in Brookfield Renewable in the 3rd quarter worth approximately $1,227,000. Finally, Eagle Global Advisors LLC purchased a new stake in Brookfield Renewable during the 4th quarter worth approximately $1,263,000. Hedge funds and other institutional investors own 75.12% of the company’s stock.

Brookfield Renewable Trading Up 1.4%

Shares of NYSE:BEPC opened at $35.01 on Thursday. Brookfield Renewable Corporation has a twelve month low of $32.76 and a twelve month high of $45.18. The company’s 50 day moving average is $37.21 and its 200 day moving average is $39.43. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.81.

Brookfield Renewable Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th were issued a $0.392 dividend. This represents a $1.57 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, May 29th.

Analyst Upgrades and Downgrades

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

Brookfield Renewable Company 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.