Commonwealth Bank of Australia Buys 5,500 Shares of FirstEnergy Corp. (FE)
Commonwealth Bank of Australia grew its holdings in FirstEnergy Corp. (NYSE:FE) by 6.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 93,326 shares of the utilities provider’s stock after purchasing an additional 5,500 shares during the period. Commonwealth Bank of Australia’s holdings in FirstEnergy were worth $3,465,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of FE. Winslow Evans & Crocker Inc. acquired a new stake in shares of FirstEnergy during the 3rd quarter valued at $114,000. Valeo Financial Advisors LLC boosted its holdings in shares of FirstEnergy by 104.4% during the 3rd quarter. Valeo Financial Advisors LLC now owns 3,759 shares of the utilities provider’s stock valued at $140,000 after acquiring an additional 1,920 shares in the last quarter. IMA Wealth Inc. acquired a new stake in shares of FirstEnergy during the 2nd quarter valued at $180,000. Piedmont Investment Advisors LLC acquired a new stake in shares of FirstEnergy during the 2nd quarter valued at $189,000. Finally, BB&T Corp acquired a new stake in shares of FirstEnergy during the 3rd quarter valued at $208,000. Institutional investors own 90.57% of the company’s stock.
FE has been the topic of several recent research reports. ValuEngine raised FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Zacks Investment Research raised FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday, October 10th. Morgan Stanley lifted their target price on FirstEnergy from $39.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, September 11th. Wells Fargo & Co reaffirmed a “buy” rating and set a $42.00 target price (up from $41.00) on shares of FirstEnergy in a report on Monday, September 17th. Finally, Citigroup lifted their target price on FirstEnergy from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $39.90.
FirstEnergy (NYSE:FE) last issued its earnings results on Thursday, October 25th. The utilities provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.09. FirstEnergy had a positive return on equity of 24.42% and a negative net margin of 11.86%. The business had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.82 billion. Analysts expect that FirstEnergy Corp. will post 2.54 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Thursday, February 7th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.92%. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Wednesday, February 6th. FirstEnergy’s payout ratio is presently 46.91%.
FirstEnergy Company Profile
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.
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