Corebridge Financial Inc. Has $6.68 Million Stock Holdings in FirstEnergy Corp. (NYSE:FE)

Corebridge Financial Inc. boosted its stake in FirstEnergy Corp. (NYSE:FE) by 4.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 168,035 shares of the utilities provider’s stock after buying an additional 7,914 shares during the period. Corebridge Financial Inc.’s holdings in FirstEnergy were worth $6,684,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Boston Partners boosted its holdings in shares of FirstEnergy by 73.5% during the fourth quarter. Boston Partners now owns 16,503,080 shares of the utilities provider’s stock worth $656,309,000 after acquiring an additional 6,991,866 shares during the period. Amundi boosted its stake in FirstEnergy by 103.8% in the 4th quarter. Amundi now owns 1,843,964 shares of the utilities provider’s stock valued at $73,334,000 after purchasing an additional 939,240 shares during the period. Raymond James Financial Inc. acquired a new position in FirstEnergy in the 4th quarter valued at $30,069,000. Vanguard Group Inc. increased its position in FirstEnergy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 65,843,901 shares of the utilities provider’s stock worth $2,619,270,000 after buying an additional 508,570 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of FirstEnergy during the fourth quarter worth $12,198,000. 89.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on FE. Scotiabank decreased their price target on shares of FirstEnergy from $50.00 to $44.00 and set a “sector outperform” rating on the stock in a research note on Friday, February 28th. KeyCorp lowered their target price on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Wolfe Research cut FirstEnergy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 23rd. Guggenheim lowered their price objective on FirstEnergy from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, Morgan Stanley cut their target price on FirstEnergy from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $45.00.

FirstEnergy Stock Up 1.5 %

Shares of NYSE FE opened at $40.05 on Friday. The stock has a 50-day moving average price of $39.89 and a two-hundred day moving average price of $41.15. FirstEnergy Corp. has a 12 month low of $36.81 and a 12 month high of $44.97. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. The company has a market cap of $23.10 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 2.07 and a beta of 0.48.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Wednesday, February 26th. The utilities provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.03). The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.53 billion. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. As a group, analysts forecast that FirstEnergy Corp. will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Wednesday, May 7th will be given a dividend of $0.445 per share. The ex-dividend date of this dividend is Wednesday, May 7th. This represents a $1.78 dividend on an annualized basis and a yield of 4.44%. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.43. FirstEnergy’s payout ratio is currently 104.71%.

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.