Prudential Financial Inc. Decreases Stake in FirstEnergy Corp. (FE)
Prudential Financial Inc. decreased its stake in FirstEnergy Corp. (NYSE:FE) by 54.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,063,003 shares of the company’s stock after selling 2,482,003 shares during the period. Prudential Financial Inc. owned approximately 0.49% of FirstEnergy Corp. worth $68,244,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Security National Trust Co. increased its position in FirstEnergy Corp. by 914.0% in the third quarter. Security National Trust Co. now owns 3,042 shares of the company’s stock valued at $101,000 after buying an additional 2,742 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in FirstEnergy Corp. during the second quarter valued at $126,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its position in FirstEnergy Corp. by 19.4% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,700 shares of the company’s stock valued at $129,000 after buying an additional 600 shares during the last quarter. Assetmark Inc. increased its position in FirstEnergy Corp. by 1,112.0% in the second quarter. Assetmark Inc. now owns 4,048 shares of the company’s stock valued at $141,000 after buying an additional 3,714 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its position in shares of FirstEnergy Corp. by 6.6% in the second quarter. Checchi Capital Advisers LLC now owns 4,569 shares of the company’s stock valued at $160,000 after buying an additional 281 shares in the last quarter. Institutional investors own 74.42% of the company’s stock.
FirstEnergy Corp. (NYSE:FE) opened at 32.55 on Wednesday. The stock’s market capitalization is $13.86 billion. FirstEnergy Corp. has a 52 week low of $30.29 and a 52 week high of $36.60. The firm has a 50-day moving average price of $32.68 and a 200-day moving average price of $33.39.
FirstEnergy Corp. (NYSE:FE) last announced its quarterly earnings results on Friday, November 4th. The company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.14. FirstEnergy Corp. had a positive return on equity of 10.06% and a negative net margin of 4.12%. During the same period last year, the firm posted $0.98 earnings per share. Equities research analysts predict that FirstEnergy Corp. will post $2.64 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be paid a $0.36 dividend. The ex-dividend date is Thursday, November 3rd. This represents a $1.44 annualized dividend and a dividend yield of 4.42%. FirstEnergy Corp.’s dividend payout ratio is presently -100.70%.
Several research analysts have commented on FE shares. Barclays PLC set a $36.00 target price on FirstEnergy Corp. and gave the stock a “hold” rating in a research note on Saturday, September 17th. Deutsche Bank AG upgraded FirstEnergy Corp. from a “hold” rating to a “buy” rating and cut their target price for the stock from $38.00 to $37.00 in a research note on Tuesday, October 25th. Royal Bank Of Canada cut their target price on FirstEnergy Corp. from $38.00 to $36.00 and set a “sector perform” rating for the company in a research note on Thursday, October 13th. Vetr downgraded FirstEnergy Corp. from a “strong-buy” rating to a “buy” rating and set a $35.82 target price for the company. in a research note on Tuesday, November 15th. Finally, Jefferies Group restated a “hold” rating and issued a $34.50 target price (up previously from $34.00) on shares of FirstEnergy Corp. in a research note on Tuesday, October 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $36.19.
About FirstEnergy Corp.
FirstEnergy Corp. is a holding company. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES). The Regulated Distribution segment distributes electricity through its approximately 10 utility operating companies. The Regulated Transmission segment transmits electricity through transmission facilities.
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