Wesbanco Bank Inc. decreased its stake in FirstEnergy Corp. (NYSE:FE – Get Rating) by 5.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,889 shares of the utilities provider's stock after selling 515 shares during the quarter. Wesbanco Bank Inc.'s holdings in FirstEnergy were worth $379,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of FE. Dixon Hughes Goodman Wealth Advisors LLC boosted its stake in shares of FirstEnergy by 419.8% in the first quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 551 shares of the utilities provider's stock worth $25,000 after buying an additional 445 shares during the last quarter. Prospera Financial Services Inc purchased a new position in FirstEnergy during the first quarter worth approximately $25,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position in FirstEnergy during the fourth quarter worth approximately $27,000. Pinnacle Bancorp Inc. boosted its position in FirstEnergy by 126.3% during the first quarter. Pinnacle Bancorp Inc. now owns 611 shares of the utilities provider's stock worth $28,000 after purchasing an additional 341 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in FirstEnergy during the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 87.20% of the company's stock.
Get FirstEnergy alerts:FirstEnergy Price Performance
NYSE:FE opened at $38.77 on Tuesday. FirstEnergy Corp. has a one year low of $35.32 and a one year high of $48.85. The company has a debt-to-equity ratio of 1.84, a quick ratio of 0.66 and a current ratio of 0.75. The stock has a market cap of $22.15 billion, a PE ratio of 15.76, a P/E/G ratio of 2.47 and a beta of 0.44. The stock has a 50 day moving average price of $40.10 and a 200 day moving average price of $41.51.
FirstEnergy (NYSE:FE – Get Rating) last posted its quarterly earnings results on Tuesday, July 26th. The utilities provider reported $0.53 EPS for the quarter, beating 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 period in the previous year, the firm earned $0.59 earnings per share. Equities research analysts expect that FirstEnergy Corp. will post 2.42 EPS for the current fiscal year.FirstEnergy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 7th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 4th. This represents a $1.56 annualized dividend and a yield of 4.02%. FirstEnergy's dividend payout ratio (DPR) is 63.41%.
Analyst Ratings Changes
A number of equities analysts have issued reports on the company. Wells Fargo & Company lowered their price target on FirstEnergy from $49.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 28th. Morgan Stanley increased their target price on FirstEnergy from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Tuesday, August 23rd. KeyCorp reduced their target price on FirstEnergy from $51.00 to $47.00 and set an "overweight" rating for the company in a report on Tuesday, July 19th. Barclays reduced their target price on FirstEnergy from $49.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, July 18th. Finally, Mizuho reduced their target price on FirstEnergy from $41.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, June 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $45.75.
About FirstEnergy
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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.
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