Fifth Third Bancorp Has $1.65 Million Holdings in FirstEnergy Corp. (NYSE:FE)

Posted by Defense World Staff on Apr 8th, 2023

Fifth Third Bancorp lessened its stake in FirstEnergy Corp. (NYSE:FE – Get Rating) by 6.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,235 shares of the utilities provider’s stock after selling 2,838 shares during the quarter. Fifth Third Bancorp’s holdings in FirstEnergy were worth $1,646,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FE. Cornerstone Wealth Group LLC bought a new stake in shares of FirstEnergy during the fourth quarter worth approximately $2,595,000. International Assets Investment Management LLC grew its holdings in FirstEnergy by 441.7% during the 4th quarter. International Assets Investment Management LLC now owns 52,796 shares of the utilities provider’s stock worth $389,000 after acquiring an additional 43,049 shares during the period. MUFG Securities EMEA plc bought a new stake in shares of FirstEnergy during the 4th quarter valued at $6,710,000. Empirical Finance LLC lifted its stake in shares of FirstEnergy by 7.9% in the 4th quarter. Empirical Finance LLC now owns 14,229 shares of the utilities provider’s stock valued at $597,000 after purchasing an additional 1,042 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in shares of FirstEnergy by 1.2% in the 4th quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the utilities provider’s stock worth $1,472,000 after purchasing an additional 400 shares during the last quarter. Institutional investors and hedge funds own 81.80% of the company’s stock.

FirstEnergy Stock Performance

Shares of FE opened at $41.70 on Friday. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.50 and a current ratio of 0.61. FirstEnergy Corp. has a twelve month low of $35.32 and a twelve month high of $48.85. The firm’s 50 day moving average price is $39.86 and its two-hundred day moving average price is $39.81. The firm has a market cap of $23.86 billion, a P/E ratio of 58.73, a PEG ratio of 2.47 and a beta of 0.44.

FirstEnergy (NYSE:FE – Get Rating) last announced its quarterly earnings results on Monday, February 13th. The utilities provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.03). FirstEnergy had a net margin of 3.26% and a return on equity of 13.16%. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the previous year, the firm posted $0.51 EPS. The business’s quarterly revenue was up 18.5% compared to the same quarter last year. On average, analysts forecast that FirstEnergy Corp. will post 2.51 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Friday, May 5th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Thursday, May 4th. FirstEnergy’s payout ratio is currently 219.72%.

Wall Street Analysts Forecast Growth

FE has been the topic of several analyst reports. Wells Fargo & Company increased their target price on FirstEnergy to $45.00 in a research note on Wednesday, December 14th. StockNews.com assumed coverage on shares of FirstEnergy in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Bank of America cut shares of FirstEnergy from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $41.00 to $38.00 in a report on Monday, January 23rd. Guggenheim upgraded shares of FirstEnergy from a “neutral” rating to a “buy” rating and increased their target price for the stock from $34.00 to $46.00 in a report on Monday, January 23rd. Finally, Morgan Stanley decreased their price target on shares of FirstEnergy from $47.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, March 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, FirstEnergy currently has an average rating of “Hold” and a consensus price target of $43.33.

About FirstEnergy

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FirstEnergy Corp. engages in the generation, transmission, and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission, and Corporate or Other.