Wedge Capital Management L L P NC Acquires 97,203 Shares of FirstEnergy Corporation $FE

Key Points

• Wedge Capital Management L L P NC increased its stake in FirstEnergy Corporation by 32%, acquiring an additional 97,203 shares, bringing its total ownership to approximately 400,696 shares valued at around $16.1 million.
• Institutional investors now hold 89.41% of FirstEnergy's stock, highlighting significant institutional interest in the company.
• FirstEnergy recently announced a quarterly dividend of $0.445 per share, yielding 4.1%, with a payout ratio of 78.76% as of its latest filing.

Wedge Capital Management L L P NC lifted its position in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 32.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 400,696 shares of the utilities provider's stock after purchasing an additional 97,203 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.07% of FirstEnergy worth $16,132,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC acquired a new position in shares of FirstEnergy during the fourth quarter worth about $256,000. Tidal Investments LLC increased its position in FirstEnergy by 14.5% in the 4th quarter. Tidal Investments LLC now owns 13,360 shares of the utilities provider's stock valued at $531,000 after buying an additional 1,694 shares in the last quarter. Vident Advisory LLC boosted its stake in shares of FirstEnergy by 17.4% in the 4th quarter. Vident Advisory LLC now owns 15,081 shares of the utilities provider's stock worth $600,000 after buying an additional 2,239 shares during the last quarter. Woodline Partners LP bought a new stake in FirstEnergy during the 4th quarter valued at $1,225,000. Finally, Waverly Advisors LLC increased its holdings in shares of FirstEnergy by 35.3% in the fourth quarter. Waverly Advisors LLC now owns 9,970 shares of the utilities provider's stock worth $397,000 after purchasing an additional 2,599 shares during the period. Institutional investors own 89.41% of the company's stock.

Analyst Ratings Changes

FE has been the subject of a number of research reports. Morgan Stanley reissued an "overweight" rating on shares of FirstEnergy in a research note on Thursday, August 21st. KeyCorp restated an "overweight" rating and set a $46.00 target price (down previously from $47.00) on shares of FirstEnergy in a research note on Wednesday, July 16th. UBS Group set a $44.00 price target on shares of FirstEnergy and gave the company a "neutral" rating in a report on Tuesday, June 24th. Mizuho increased their price objective on shares of FirstEnergy from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, Barclays raised shares of FirstEnergy from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $43.00 to $49.00 in a report on Monday, August 25th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $46.00.

FirstEnergy Trading Down 0.3%

NYSE:FE opened at $43.29 on Friday. The company has a market cap of $24.99 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 2.67 and a beta of 0.50. The company has a quick ratio of 0.51, a current ratio of 0.61 and a debt-to-equity ratio of 1.68. FirstEnergy Corporation has a twelve month low of $37.58 and a twelve month high of $44.58. The business has a 50 day moving average price of $42.86 and a two-hundred day moving average price of $41.43.

FirstEnergy (NYSE:FE - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.02. The business had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.45 billion. FirstEnergy had a return on equity of 11.31% and a net margin of 9.31%.During the same quarter in the prior year, the business earned $0.56 EPS. FirstEnergy has set its FY 2025 guidance at 2.400-2.600 EPS. As a group, analysts expect that FirstEnergy Corporation will post 2.66 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Thursday, August 7th were paid a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Thursday, August 7th. FirstEnergy's payout ratio is currently 78.76%.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.

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