C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Takes $443,000 Position in FirstEnergy Corp. (NYSE:FE)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in FirstEnergy Corp. (NYSE:FE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 11,124 shares of the utilities provider’s stock, valued at approximately $443,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its stake in shares of FirstEnergy by 1,417.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock valued at $32,965,000 after acquiring an additional 694,313 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of FirstEnergy in the fourth quarter valued at $12,198,000. Allspring Global Investments Holdings LLC raised its holdings in shares of FirstEnergy by 2.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 9,318,905 shares of the utilities provider’s stock valued at $371,911,000 after buying an additional 220,433 shares during the period. International Assets Investment Management LLC lifted its stake in FirstEnergy by 4,445.0% during the 3rd quarter. International Assets Investment Management LLC now owns 219,434 shares of the utilities provider’s stock worth $9,732,000 after acquiring an additional 214,606 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in FirstEnergy by 7.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,346,263 shares of the utilities provider’s stock valued at $104,057,000 after acquiring an additional 171,955 shares during the period. Institutional investors and hedge funds own 89.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FE. Wolfe Research lowered shares of FirstEnergy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 23rd. Scotiabank upgraded shares of FirstEnergy from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a report on Thursday, December 12th. Seaport Res Ptn downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. KeyCorp cut their price objective on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Finally, Morgan Stanley lowered their target price on FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, FirstEnergy currently has a consensus rating of “Hold” and a consensus price target of $46.27.

FirstEnergy Trading Up 0.1 %

FE opened at $40.68 on Thursday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.46 and a current ratio of 0.56. FirstEnergy Corp. has a one year low of $36.01 and a one year high of $44.97. The company has a market cap of $23.44 billion, a P/E ratio of 26.24, a PEG ratio of 2.00 and a beta of 0.52. The business’s 50-day simple moving average is $39.83 and its 200-day simple moving average is $41.77.

FirstEnergy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be paid a $0.425 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.70 annualized dividend and a yield of 4.18%. FirstEnergy’s dividend payout ratio is currently 109.68%.

About FirstEnergy

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, wind, and solar power generating facilities.