First Allied Advisory Services Inc. reduced its position in FirstEnergy Corp. (NYSE:FE) by 65.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,852 shares of the utilities provider’s stock after selling 18,325 shares during the quarter. First Allied Advisory Services Inc.’s holdings in FirstEnergy were worth $374,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in FirstEnergy during the fourth quarter valued at approximately $34,000. Patriot Financial Group Insurance Agency LLC lifted its position in FirstEnergy by 98.4% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,343 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 666 shares during the last quarter. Capital Investment Advisory Services LLC bought a new stake in FirstEnergy during the fourth quarter valued at approximately $52,000. Legacy Financial Advisors Inc. lifted its position in FirstEnergy by 251.2% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,433 shares of the utilities provider’s stock valued at $54,000 after purchasing an additional 1,025 shares during the last quarter. Finally, Bremer Trust National Association bought a new stake in FirstEnergy during the fourth quarter valued at approximately $58,000. Institutional investors own 90.67% of the company’s stock.
Shares of FE stock traded up $0.33 during trading hours on Friday, hitting $41.48. 2,591,354 shares of the company’s stock were exchanged, compared to its average volume of 4,882,846. The company has a market capitalization of $21.65 billion, a PE ratio of 16.02 and a beta of 0.30. FirstEnergy Corp. has a 12-month low of $32.92 and a 12-month high of $42.13. The company has a debt-to-equity ratio of 2.63, a quick ratio of 0.46 and a current ratio of 0.52.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Monday, May 6th. FirstEnergy’s dividend payout ratio (DPR) is presently 58.69%.
In other FirstEnergy news, EVP Leila L. Vespoli sold 24,400 shares of FirstEnergy stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $41.33, for a total transaction of $1,008,452.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.
Several equities research analysts have issued reports on FE shares. Zacks Investment Research lowered shares of FirstEnergy from a “buy” rating to a “hold” rating in a research report on Wednesday, January 16th. Morgan Stanley lifted their target price on shares of FirstEnergy from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, February 12th. Finally, Bank of America lifted their target price on shares of FirstEnergy from $41.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $42.86.
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FirstEnergy Company Profile
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.
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