Texas Permanent School Fund Grows Stock Holdings in FirstEnergy Corp. (NYSE:FE)

Posted by on May 8th, 2023

Texas Permanent School Fund lifted its position in shares of FirstEnergy Corp. (NYSE:FE – Get Rating) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,173 shares of the utilities provider’s stock after acquiring an additional 367 shares during the period. Texas Permanent School Fund’s holdings in FirstEnergy were worth $3,237,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bedel Financial Consulting Inc. grew its position in shares of FirstEnergy by 19.9% during the 4th quarter. Bedel Financial Consulting Inc. now owns 6,491 shares of the utilities provider’s stock valued at $272,000 after acquiring an additional 1,078 shares during the period. Toronto Dominion Bank increased its holdings in shares of FirstEnergy by 17.1% in the 4th quarter. Toronto Dominion Bank now owns 267,319 shares of the utilities provider’s stock worth $11,205,000 after buying an additional 38,975 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in FirstEnergy by 8.4% during the 4th quarter. Benjamin Edwards Inc. now owns 3,937 shares of the utilities provider’s stock valued at $165,000 after purchasing an additional 306 shares during the last quarter. Bleakley Financial Group LLC bought a new position in FirstEnergy during the 4th quarter valued at about $453,000. Finally, Vaughan David Investments LLC IL grew its stake in FirstEnergy by 1.6% in the 4th quarter. Vaughan David Investments LLC IL now owns 941,874 shares of the utilities provider’s stock worth $39,502,000 after acquiring an additional 14,986 shares in the last quarter. Institutional investors own 81.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FE. Mizuho lowered their price target on shares of FirstEnergy from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 28th. Guggenheim raised shares of FirstEnergy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $34.00 to $46.00 in a report on Monday, January 23rd. JPMorgan Chase & Co. cut their price objective on shares of FirstEnergy from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday, March 10th. Bank of America increased their price objective on shares of FirstEnergy from $38.00 to $39.00 and gave the stock an “underperform” rating in a research note on Friday, April 14th. Finally, StockNews.com initiated coverage on shares of FirstEnergy in a research report on Thursday, March 16th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, FirstEnergy currently has an average rating of “Hold” and a consensus price target of $43.00.

FirstEnergy Stock Performance

Shares of FE opened at $39.70 on Monday. The company has a market capitalization of $22.74 billion, a PE ratio of 55.92, a P/E/G ratio of 2.46 and a beta of 0.44. FirstEnergy Corp. has a 52-week low of $35.32 and a 52-week high of $43.69. The company has a 50-day simple moving average of $39.92 and a 200-day simple moving average of $40.19. The company has a quick ratio of 0.55, a current ratio of 0.68 and a debt-to-equity ratio of 2.06.

FirstEnergy (NYSE:FE – Get Rating) last issued its quarterly earnings data on Friday, April 28th. The utilities provider reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.01). The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.04 billion. FirstEnergy had a net margin of 3.23% and a return on equity of 12.60%. FirstEnergy’s revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. Equities research analysts predict that FirstEnergy Corp. will post 2.5 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The company 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 dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 4th. This represents a $1.56 annualized dividend and a dividend yield of 3.93%. FirstEnergy’s dividend payout ratio is currently 219.72%.

FirstEnergy Company Profile

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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.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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