Glenview Trust Co Purchases Shares of 15,784 FirstEnergy Corporation $FE

Glenview Trust Co acquired a new position in FirstEnergy Corporation (NYSE:FE) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,784 shares of the utilities provider’s stock, valued at approximately $750,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State of Wyoming acquired a new position in shares of FirstEnergy during the 2nd quarter worth $25,000. Axiom Investment Management LLC purchased a new stake in shares of FirstEnergy in the first quarter valued at about $26,000. DV Equities LLC purchased a new stake in FirstEnergy during the 4th quarter worth $33,000. Summit Securities Group LLC increased its holdings in FirstEnergy by 148.0% in the 4th quarter. Summit Securities Group LLC now owns 771 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 2,376 shares in the last quarter. Finally, Western Wealth Management LLC purchased a new position in FirstEnergy in the first quarter valued at about $37,000. 89.41% of the stock is owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

FirstEnergy stock opened at $45.84 on Friday. FirstEnergy Corporation has a 52 week low of $42.87 and a 52 week high of $52.34. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88. The stock has a market cap of $26.52 billion, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 2.21 and a beta of 0.46. The stock has a 50 day moving average of $47.88 and a 200-day moving average of $48.29.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period in the prior year, the company posted $0.52 earnings per share. On average, analysts expect that FirstEnergy Corporation will post 2.74 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.465 per share. The ex-dividend date is Friday, August 7th. This represents a $1.86 annualized dividend and a yield of 4.1%. FirstEnergy’s dividend payout ratio is presently 98.94%.

Analysts Set New Price Targets

FE has been the subject of several analyst reports. Morgan Stanley decreased their target price on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Friday, August 21st. Weiss Ratings lowered FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. TD Cowen upgraded FirstEnergy from a “hold” rating to a “buy” rating and decreased their price target for the stock from $56.00 to $53.00 in a report on Friday, May 15th. UBS Group increased their price objective on shares of FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Finally, Wolfe Research lowered shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.83.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.