American International Group Inc. reduced its position in FirstEnergy Corporation (NYSE:FE) by 12.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 187,283 shares of the utilities provider’s stock after selling 26,253 shares during the quarter. American International Group Inc.’s holdings in FirstEnergy were worth $5,774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of FirstEnergy by 22.1% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 658 shares during the period. Archford Capital Strategies LLC boosted its holdings in shares of FirstEnergy by 2,045.8% in the second quarter. Archford Capital Strategies LLC now owns 4,077 shares of the utilities provider’s stock worth $262,000 after acquiring an additional 3,887 shares during the period. Sandy Spring Bank boosted its holdings in shares of FirstEnergy by 1.3% in the second quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock worth $150,000 after acquiring an additional 66 shares during the period. Accurate Investment Solutions Inc. boosted its holdings in shares of FirstEnergy by 767.8% in the third quarter. Accurate Investment Solutions Inc. now owns 5,493 shares of the utilities provider’s stock worth $170,000 after acquiring an additional 4,860 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of FirstEnergy by 32.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,755 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 1,394 shares during the period. 82.70% of the stock is owned by institutional investors and hedge funds.
Shares of FirstEnergy Corporation (FE) opened at $33.76 on Monday. The stock has a market capitalization of $15,018.40, a price-to-earnings ratio of 12.37 and a beta of 0.25. FirstEnergy Corporation has a 52 week low of $27.93 and a 52 week high of $35.22. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.56 and a current ratio of 0.69.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.27%. The ex-dividend date was Monday, November 6th. FirstEnergy’s dividend payout ratio (DPR) is currently -12.31%.
A number of equities analysts have recently commented on FE shares. Zacks Investment Research lowered FirstEnergy from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Deutsche Bank raised FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 17th. ValuEngine raised FirstEnergy from a “hold” rating to a “buy” rating in a report on Wednesday, November 15th. J P Morgan Chase & Co set a $34.00 price objective on FirstEnergy and gave the company a “hold” rating in a research note on Thursday, October 12th. Finally, Mizuho reissued a “hold” rating and set a $30.50 price objective on shares of FirstEnergy in a research note on Tuesday, October 24th. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. FirstEnergy presently has an average rating of “Hold” and an average target price of $34.39.
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FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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