Bryn Mawr Trust Advisors LLC Purchases Shares of 207,782 FirstEnergy Corporation $FE

Key Points

• Bryn Mawr Trust Advisors purchased 207,782 FirstEnergy shares during the second quarter, valued at approximately $9.9 million. Institutional investors collectively own 89.41% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and six Holds, producing a consensus “Moderate Buy” rating and an average price target of $52.83.
• FirstEnergy met quarterly earnings expectations at $0.50 per share and reported $3.68 billion in revenue. The company also declared a quarterly dividend of $0.465 per share, representing a 3.9% annualized yield.

Bryn Mawr Trust Advisors LLC purchased a new stake in FirstEnergy Corporation (NYSE:FE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 207,782 shares of the utilities provider's stock, valued at approximately $9,878,000.

A number of other hedge funds also recently made changes to their positions in FE. Northwestern Mutual Wealth Management Co. boosted its stake 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 valued at $81,699,000 after purchasing an additional 1,957,673 shares during the last quarter. Vanguard Group Inc. raised its stake in FirstEnergy by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider's stock worth $3,049,255,000 after buying an additional 761,157 shares during the last quarter. Intech Investment Management LLC lifted its holdings in FirstEnergy by 42.8% in the fourth quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider's stock valued at $3,817,000 after buying an additional 25,571 shares during the period. BW Gestao de Investimentos Ltda. acquired a new position in FirstEnergy in the fourth quarter valued at $15,172,000. Finally, Assenagon Asset Management S.A. boosted its position in FirstEnergy by 6,066.6% during the second quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider's stock valued at $23,547,000 after acquiring an additional 487,267 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FE shares. Wolfe Research downgraded FirstEnergy from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Morgan Stanley reissued an "overweight" rating on shares of FirstEnergy in a research note on Wednesday, July 22nd. TD Cowen upgraded FirstEnergy from a "hold" rating to a "buy" rating and cut their target price for the company from $56.00 to $53.00 in a research report on Friday, May 15th. Weiss Ratings cut FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 17th. Finally, New Street Research set a $52.00 target price on FirstEnergy in a report on Tuesday, April 21st. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.83.

FirstEnergy Stock Up 1.2%

Shares of NYSE FE opened at $47.42 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The firm has a market cap of $27.44 billion, a PE ratio of 25.22, a P/E/G ratio of 2.24 and a beta of 0.46. The company's fifty day simple moving average is $47.85 and its 200 day simple moving average is $48.31. FirstEnergy Corporation has a 12-month low of $42.72 and a 12-month high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. As a group, sell-side analysts forecast that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.465 dividend. This represents a $1.86 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy's payout ratio is presently 98.94%.

FirstEnergy Profile

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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