SeaCrest Wealth Management LLC acquired a new position in FirstEnergy Corp. (NYSE:FE) during the fourth quarter, Holdings Channel reports. The fund acquired 16,827 shares of the utilities provider’s stock, valued at approximately $515,000.
Other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. lifted its position in shares of FirstEnergy by 13.0% in the third quarter. Ameriprise Financial Inc. now owns 178,334 shares of the utilities provider’s stock worth $5,497,000 after purchasing an additional 20,584 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of FirstEnergy by 8.0% in the third quarter. Parametric Portfolio Associates LLC now owns 2,141,098 shares of the utilities provider’s stock worth $66,010,000 after purchasing an additional 157,963 shares in the last quarter. GSA Capital Partners LLP bought a new stake in FirstEnergy during the third quarter worth $1,361,000. AXA raised its position in FirstEnergy by 7,554.9% during the third quarter. AXA now owns 1,030,430 shares of the utilities provider’s stock worth $31,768,000 after acquiring an additional 1,016,969 shares in the last quarter. Finally, Bowling Portfolio Management LLC raised its position in FirstEnergy by 39.0% during the fourth quarter. Bowling Portfolio Management LLC now owns 120,625 shares of the utilities provider’s stock worth $3,694,000 after acquiring an additional 33,855 shares in the last quarter. 83.29% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on FE shares. Deutsche Bank raised shares of FirstEnergy from a “hold” rating to a “buy” rating in a research report on Tuesday, October 17th. ValuEngine raised shares of FirstEnergy from a “hold” rating to a “buy” rating in a research report on Wednesday, November 15th. Bank of America raised shares of FirstEnergy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $32.09 to $36.00 in a research report on Friday, January 26th. JPMorgan Chase & Co. set a $34.00 price target on shares of FirstEnergy and gave the stock a “hold” rating in a research report on Thursday, October 12th. Finally, UBS Group started coverage on shares of FirstEnergy in a research report on Friday, February 2nd. They set a “buy” rating and a $39.00 price target on the stock. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company. FirstEnergy currently has an average rating of “Buy” and an average target price of $35.67.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, February 7th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Tuesday, February 6th. FirstEnergy’s payout ratio is presently -12.31%.
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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