First Citizens Bank & Trust Co. cut its position in shares of FirstEnergy Corporation (NYSE:FE – Free Report) by 15.2% during the third quarter, HoldingsChannel.com reports. The firm owned 287,228 shares of the utilities provider’s stock after selling 51,651 shares during the period. First Citizens Bank & Trust Co.’s holdings in FirstEnergy were worth $12,446,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also modified their holdings of FE. Axiom Investment Management LLC bought a new position in FirstEnergy in the first quarter worth $26,000. Western Wealth Management LLC acquired a new stake in FirstEnergy during the first quarter worth $37,000. Highland Investment Advisors LLC acquired a new stake in FirstEnergy during the second quarter worth $35,000. Pinnacle Bancorp Inc. boosted its stake in FirstEnergy by 44.4% during the first quarter. Pinnacle Bancorp Inc. now owns 754 shares of the utilities provider’s stock worth $38,000 after buying an additional 232 shares in the last quarter. Finally, Ascentis Independent Advisors bought a new stake in FirstEnergy in the 1st quarter valued at $46,000. 89.41% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have recently issued reports on FE. Barclays dropped their price objective on shares of FirstEnergy from $54.00 to $49.00 and set an “overweight” rating for the company in a research note on Monday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of FirstEnergy in a report on Monday, September 14th. Morgan Stanley decreased their target price on shares of FirstEnergy from $52.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. New Street Research set a $47.00 target price on shares of FirstEnergy in a research note on Tuesday. Finally, Mizuho set a $47.00 target price on shares of FirstEnergy in a research note on Monday. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, FirstEnergy has a consensus rating of “Moderate Buy” and an average price target of $51.27.
FirstEnergy Stock Performance
FirstEnergy stock opened at $45.24 on Wednesday. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. The stock has a fifty day moving average price of $45.71 and a two-hundred day moving average price of $47.16. FirstEnergy Corporation has a 52-week low of $42.67 and a 52-week high of $52.34. The firm has a market capitalization of $26.18 billion, a P/E ratio of 24.06, a P/E/G ratio of 2.62 and a beta of 0.43.
FirstEnergy (NYSE:FE – Get Free Report) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same quarter in the prior year, the firm earned $0.52 EPS. As a group, analysts anticipate that FirstEnergy Corporation will post 2.74 EPS for the current fiscal year.
FirstEnergy Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be paid a dividend of $0.4650 per share. This represents a $1.86 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, November 6th. FirstEnergy’s dividend payout ratio is currently 98.94%.
About FirstEnergy
FirstEnergy Corp. is an electric utility holding company focused primarily on regulated electricity transmission and distribution. Through its operating companies, the company delivers electricity to residential, commercial and industrial customers and maintains the infrastructure needed to support reliable service.
FirstEnergy’s utility subsidiaries include Ohio Edison, The Illuminating Company and Toledo Edison in Ohio; Met-Ed, Penelec, Penn Power and West Penn Power in Pennsylvania; Jersey Central Power & Light in New Jersey; and Mon Power and Potomac Edison in West Virginia and Maryland.
Featured Articles
- Five stocks we like better than FirstEnergy
- A Chinese Rival Just Spooked Memory Stocks—How Worried Should Micron Investors Be?
- Could T-Mobile’s Satellite Competition Fears Create a Buying Opportunity?
- Surgical Precision, Sustainable Returns: Johnson & Johnson Secures Its Cash Flow Runway
- Tesla’s Robotaxi Lands in Paris—But Europe’s Real Fight Is Over Cheap EVs
Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corporation (NYSE:FE – Free Report).
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.
