Bank of America Corp DE Purchases 573,731 Shares of FirstEnergy Corporation $FE

Key Points

• Bank of America increased its FirstEnergy position by 11.9% in the first quarter, acquiring 573,731 shares for a total holding of 5.4 million shares valued at approximately $273.4 million.
• FirstEnergy reported quarterly EPS of $0.50, matching estimates, while revenue of $3.68 billion exceeded the $3.51 billion consensus forecast. Institutional investors own 89.41% of the company.
• FirstEnergy declared a quarterly dividend of $0.465 per share, representing an annualized dividend of $1.86 and a 3.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $52.83.

Bank of America Corp DE lifted its position in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,396,317 shares of the utilities provider's stock after acquiring an additional 573,731 shares during the quarter. Bank of America Corp DE owned approximately 0.93% of FirstEnergy worth $273,377,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of FirstEnergy by 11,305.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider's stock worth $81,699,000 after purchasing an additional 1,957,673 shares in the last quarter. Vanguard Group Inc. increased its stake in FirstEnergy by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider's stock valued at $3,049,255,000 after purchasing an additional 761,157 shares in the last quarter. Intech Investment Management LLC raised its holdings in FirstEnergy by 42.8% during the fourth quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider's stock worth $3,817,000 after buying an additional 25,571 shares during the last quarter. BW Gestao de Investimentos Ltda. acquired a new position in FirstEnergy during the fourth quarter worth $15,172,000. Finally, Brighton Jones LLC bought a new position in shares of FirstEnergy in the fourth quarter valued at $256,000. Institutional investors own 89.41% of the company's stock.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $48.38 on Tuesday. The company has a market capitalization of $27.99 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 2.31 and a beta of 0.47. The company's 50-day moving average is $47.62 and its 200 day moving average is $48.30. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54. FirstEnergy Corporation has a fifty-two week low of $42.72 and a fifty-two week high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.50. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same quarter last year, the company posted $0.52 earnings per share. On average, equities research analysts forecast that FirstEnergy Corporation will post 2.73 earnings per share for the current year.

FirstEnergy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.465 per share. The ex-dividend date is Friday, August 7th. This represents a $1.86 annualized dividend and a dividend yield of 3.8%. FirstEnergy's dividend payout ratio (DPR) is presently 98.94%.

Analyst Upgrades and Downgrades

FE has been the subject of a number of analyst reports. Morgan Stanley reiterated an "overweight" rating on shares of FirstEnergy in a report on Wednesday, July 22nd. UBS Group upped their target price on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a "neutral" rating in a report on Thursday, June 11th. Wolfe Research cut shares of FirstEnergy from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Barclays cut their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Friday. Finally, TD Cowen raised FirstEnergy from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $56.00 to $53.00 in a report on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, FirstEnergy has an average rating of "Moderate Buy" and a consensus price target of $52.83.

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.

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