Synovus Financial Corp boosted its stake in FirstEnergy Corporation (NYSE:FE) by 30.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,799 shares of the utilities provider’s stock after buying an additional 5,284 shares during the period. Synovus Financial Corp’s holdings in FirstEnergy were worth $699,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in FirstEnergy by 23.4% in the 2nd quarter. Vanguard Group Inc. now owns 44,375,170 shares of the utilities provider’s stock worth $1,293,979,000 after purchasing an additional 8,409,439 shares during the period. BlackRock Inc. boosted its stake in shares of FirstEnergy by 13.9% during the 2nd quarter. BlackRock Inc. now owns 44,045,492 shares of the utilities provider’s stock worth $1,284,363,000 after acquiring an additional 5,369,241 shares during the last quarter. Brookfield Asset Management Inc. boosted its stake in shares of FirstEnergy by 3,345.0% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,829,980 shares of the utilities provider’s stock worth $53,362,000 after acquiring an additional 1,776,860 shares during the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in shares of FirstEnergy by 23.3% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,071,635 shares of the utilities provider’s stock valued at $177,049,000 after buying an additional 1,148,955 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of FirstEnergy by 131.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,013,626 shares of the utilities provider’s stock valued at $58,717,000 after buying an additional 1,144,794 shares in the last quarter. Institutional investors and hedge funds own 82.70% of the company’s stock.
FirstEnergy Corporation (NYSE FE) opened at $32.72 on Friday. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.56 and a current ratio of 0.69. FirstEnergy Corporation has a 52 week low of $27.93 and a 52 week high of $35.22. The stock has a market cap of $14,400.05, a P/E ratio of 11.86 and a beta of 0.25.
FirstEnergy (NYSE:FE) last released its quarterly earnings data on Thursday, October 26th. The utilities provider reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.11. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.72 billion. FirstEnergy had a negative net margin of 35.99% and a positive return on equity of 19.29%. During the same quarter in the prior year, the business earned $0.90 earnings per share. equities research analysts expect that FirstEnergy Corporation will post 3 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend was Monday, November 6th. FirstEnergy’s payout ratio is -12.31%.
FE has been the topic of a number of analyst reports. Morgan Stanley lifted their target price on shares of FirstEnergy from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, September 8th. Bank of America began coverage on shares of FirstEnergy in a research note on Tuesday, October 24th. They set a “neutral” rating and a $34.00 target price on the stock. Zacks Investment Research downgraded shares of FirstEnergy from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. ValuEngine downgraded shares of FirstEnergy from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, Deutsche Bank upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 17th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. FirstEnergy presently has an average rating of “Hold” and a consensus price target of $34.39.
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FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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