Truist Financial Corp Trims Stock Position in FirstEnergy Corp. (NYSE:FE)

Truist Financial Corp reduced its stake in FirstEnergy Corp. (NYSE:FE) by 47.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,076 shares of the utilities provider’s stock after selling 60,363 shares during the quarter. Truist Financial Corp’s holdings in FirstEnergy were worth $2,389,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. World Asset Management Inc increased its holdings in shares of FirstEnergy by 1.6% in the second quarter. World Asset Management Inc now owns 20,060 shares of the utilities provider’s stock valued at $746,000 after purchasing an additional 323 shares during the period. IFM Investors Pty Ltd grew its holdings in FirstEnergy by 0.6% during the third quarter. IFM Investors Pty Ltd now owns 69,694 shares of the utilities provider’s stock worth $2,483,000 after acquiring an additional 387 shares during the period. Eudaimonia Partners LLC grew its holdings in FirstEnergy by 5.9% during the second quarter. Eudaimonia Partners LLC now owns 7,800 shares of the utilities provider’s stock worth $290,000 after acquiring an additional 435 shares during the period. Pure Financial Advisors Inc. grew its holdings in FirstEnergy by 2.9% during the third quarter. Pure Financial Advisors Inc. now owns 15,550 shares of the utilities provider’s stock worth $554,000 after acquiring an additional 442 shares during the period. Finally, RDA Financial Network grew its holdings in FirstEnergy by 7.4% during the third quarter. RDA Financial Network now owns 6,485 shares of the utilities provider’s stock worth $231,000 after acquiring an additional 447 shares during the period. 86.42% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently weighed in on FE. Morgan Stanley upped their price objective on FirstEnergy from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Tuesday, December 21st. Wells Fargo & Company upgraded FirstEnergy from an “underweight” rating to an “equal weight” rating and set a $42.00 target price on the stock in a research report on Tuesday, November 2nd. Mizuho boosted their target price on FirstEnergy from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, December 9th. Barclays decreased their target price on FirstEnergy from $41.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 3rd. Finally, KeyCorp boosted their target price on FirstEnergy from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $42.14.

Shares of NYSE:FE opened at $41.57 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 3.01. FirstEnergy Corp. has a 52-week low of $30.22 and a 52-week high of $41.75. The stock’s fifty day simple moving average is $39.85 and its 200-day simple moving average is $38.48. The company has a market capitalization of $22.63 billion, a P/E ratio of 20.48, a P/E/G ratio of 2.26 and a beta of 0.37.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Thursday, October 28th. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.03. FirstEnergy had a return on equity of 17.84% and a net margin of 9.97%. The business had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same period in the prior year, the business earned $0.84 earnings per share. The business’s revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts anticipate that FirstEnergy Corp. will post 2.6 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 1st. Stockholders of record on Monday, February 7th will be given a $0.39 dividend. The ex-dividend date is Friday, February 4th. This represents a $1.56 annualized dividend and a dividend yield of 3.75%. FirstEnergy’s dividend payout ratio is currently 76.85%.

FirstEnergy Company Profile

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. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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