ProShare Advisors LLC Acquires 113,846 Shares of FirstEnergy Corporation $FE

ProShare Advisors LLC raised its holdings in shares of FirstEnergy Corporation (NYSE:FE) by 90.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 239,556 shares of the utilities provider’s stock after buying an additional 113,846 shares during the quarter. ProShare Advisors LLC’s holdings in FirstEnergy were worth $10,976,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FE. State of Wyoming bought a new position in FirstEnergy during the second quarter worth $25,000. American National Bank & Trust grew its position in FirstEnergy by 380.2% in the 3rd quarter. American National Bank & Trust now owns 581 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 460 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in FirstEnergy in the 3rd quarter worth $27,000. TruNorth Capital Management LLC increased its holdings in shares of FirstEnergy by 187.5% during the 3rd quarter. TruNorth Capital Management LLC now owns 621 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 405 shares during the period. Finally, Caldwell Trust Co acquired a new position in shares of FirstEnergy during the second quarter valued at about $35,000. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Stock Performance

FirstEnergy stock opened at $47.95 on Thursday. The firm has a market capitalization of $27.70 billion, a P/E ratio of 20.94, a P/E/G ratio of 2.72 and a beta of 0.64. The stock has a fifty day moving average price of $45.69 and a two-hundred day moving average price of $45.23. FirstEnergy Corporation has a 52-week low of $37.58 and a 52-week high of $48.20. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.75 and a quick ratio of 0.64.

FirstEnergy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Thursday, May 7th will be given a dividend of $0.465 per share. This is an increase from FirstEnergy’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, May 7th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 3.9%. FirstEnergy’s dividend payout ratio is 77.73%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of FirstEnergy in a research report on Monday, December 29th. Wells Fargo & Company reduced their price objective on FirstEnergy from $54.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Mizuho boosted their price objective on FirstEnergy from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, October 24th. Barclays cut their target price on FirstEnergy from $51.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, January 22nd. Finally, Morgan Stanley reiterated an “overweight” rating on shares of FirstEnergy in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, FirstEnergy currently has a consensus rating of “Moderate Buy” and an average target price of $48.85.

About FirstEnergy

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.