Pinebridge Investments L.P. Has $214,000 Position in FirstEnergy Corp. (NYSE:FE)

Pinebridge Investments L.P. lowered its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 54.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,369 shares of the utilities provider’s stock after selling 6,414 shares during the quarter. Pinebridge Investments L.P.’s holdings in FirstEnergy were worth $214,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Covestor Ltd raised its position in FirstEnergy by 69.3% in the 4th quarter. Covestor Ltd now owns 623 shares of the utilities provider’s stock valued at $25,000 after buying an additional 255 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in FirstEnergy in the 4th quarter valued at approximately $26,000. Lee Danner & Bass Inc. acquired a new stake in FirstEnergy in the 4th quarter valued at approximately $26,000. WASHINGTON TRUST Co raised its position in FirstEnergy by 293.0% in the 4th quarter. WASHINGTON TRUST Co now owns 786 shares of the utilities provider’s stock valued at $31,000 after buying an additional 586 shares during the last quarter. Finally, Bernard Wealth Management Corp. acquired a new stake in FirstEnergy in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 89.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Evercore ISI lifted their target price on FirstEnergy from $41.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday. Scotiabank reissued an “outperform” rating on shares of FirstEnergy in a research report on Friday. Wolfe Research lowered FirstEnergy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 23rd. Guggenheim boosted their price target on FirstEnergy from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Monday, April 7th. Finally, Mizuho set a $43.00 price target on FirstEnergy in a research report on Monday. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Stock Performance

Shares of NYSE FE opened at $42.76 on Tuesday. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. FirstEnergy Corp. has a 12 month low of $37.58 and a 12 month high of $44.97. The stock has a 50 day moving average of $40.24 and a 200-day moving average of $40.67. The company has a market capitalization of $24.66 billion, a P/E ratio of 27.59, a P/E/G ratio of 2.07 and a beta of 0.41.

FirstEnergy (NYSE:FE) last issued its earnings results on Wednesday, April 23rd. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the previous year, the company posted $0.55 EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts predict that FirstEnergy Corp. will post 2.66 EPS for the current year.

FirstEnergy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Wednesday, May 7th will be paid a $0.445 dividend. The ex-dividend date of this dividend is Wednesday, May 7th. This is an increase from FirstEnergy’s previous quarterly dividend of $0.43. This represents a $1.78 annualized dividend and a yield of 4.16%. FirstEnergy’s payout ratio is 94.68%.

FirstEnergy Company Profile

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.