Independent Advisor Alliance Raises Stock Holdings in FirstEnergy Corp. (NYSE:FE)

Independent Advisor Alliance increased its stake in shares of FirstEnergy Corp. (NYSE:FEGet Rating) by 53.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,415 shares of the utilities provider’s stock after purchasing an additional 3,646 shares during the quarter. Independent Advisor Alliance’s holdings in FirstEnergy were worth $478,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FE. Jennison Associates LLC raised its stake in FirstEnergy by 9,524.2% in the fourth quarter. Jennison Associates LLC now owns 2,709,695 shares of the utilities provider’s stock valued at $112,696,000 after buying an additional 2,681,540 shares during the last quarter. BlackRock Inc. raised its stake in FirstEnergy by 5.4% in the fourth quarter. BlackRock Inc. now owns 43,236,791 shares of the utilities provider’s stock valued at $1,798,218,000 after buying an additional 2,215,694 shares during the last quarter. Nuveen Asset Management LLC raised its stake in FirstEnergy by 105.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,084,464 shares of the utilities provider’s stock valued at $169,874,000 after buying an additional 2,095,290 shares during the last quarter. Toronto Dominion Bank raised its stake in FirstEnergy by 655.6% in the fourth quarter. Toronto Dominion Bank now owns 2,062,016 shares of the utilities provider’s stock valued at $85,758,000 after buying an additional 1,789,128 shares during the last quarter. Finally, Cibc World Markets Corp raised its stake in FirstEnergy by 2,375.4% in the fourth quarter. Cibc World Markets Corp now owns 759,406 shares of the utilities provider’s stock valued at $31,584,000 after buying an additional 728,728 shares during the last quarter. 87.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FE has been the topic of a number of research reports. Bank of America lowered FirstEnergy from a “buy” rating to a “neutral” rating and cut their price objective for the company from $52.00 to $44.00 in a report on Monday, May 16th. KeyCorp cut their price objective on FirstEnergy from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. StockNews.com lowered FirstEnergy from a “buy” rating to a “hold” rating in a report on Thursday. Barclays cut their price objective on FirstEnergy from $49.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. Finally, Credit Suisse Group initiated coverage on FirstEnergy in a report on Monday, April 25th. They issued an “outperform” rating and a $51.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, FirstEnergy presently has an average rating of “Hold” and an average price target of $45.25.

FirstEnergy Stock Down 1.0 %

FirstEnergy stock opened at $38.37 on Friday. The firm has a market cap of $21.92 billion, a price-to-earnings ratio of 15.60, a price-to-earnings-growth ratio of 2.54 and a beta of 0.44. FirstEnergy Corp. has a 52 week low of $35.32 and a 52 week high of $48.85. The business’s 50-day moving average price is $38.81 and its 200 day moving average price is $41.84. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.84.

FirstEnergy (NYSE:FEGet Rating) last posted its earnings results on Tuesday, July 26th. The utilities provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. FirstEnergy had a return on equity of 15.13% and a net margin of 11.78%. During the same quarter last year, the business earned $0.59 EPS. As a group, sell-side analysts anticipate that FirstEnergy Corp. will post 2.4 earnings per share for the current year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, August 4th. This represents a $1.56 dividend on an annualized basis and a yield of 4.07%. FirstEnergy’s dividend payout ratio is currently 63.41%.

FirstEnergy Profile

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FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

Further Reading

Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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