Truist Financial Corp Sells 10,208 Shares of FirstEnergy Corp. (NYSE:FE)

Truist Financial Corp lowered its position in FirstEnergy Corp. (NYSE:FE) by 16.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 53,760 shares of the utilities provider’s stock after selling 10,208 shares during the period. Truist Financial Corp’s holdings in FirstEnergy were worth $2,057,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors lifted its holdings in shares of FirstEnergy by 14.3% in the 1st quarter. Capital World Investors now owns 77,928,914 shares of the utilities provider’s stock worth $3,009,615,000 after purchasing an additional 9,773,785 shares in the last quarter. UniSuper Management Pty Ltd grew its holdings in shares of FirstEnergy by 63.4% during the first quarter. UniSuper Management Pty Ltd now owns 1,328,210 shares of the utilities provider’s stock valued at $51,295,000 after buying an additional 515,458 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of FirstEnergy during the second quarter worth about $14,933,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of FirstEnergy in the 1st quarter worth about $12,631,000. Finally, Norden Group LLC lifted its position in FirstEnergy by 2,741.7% in the 1st quarter. Norden Group LLC now owns 295,936 shares of the utilities provider’s stock valued at $11,429,000 after acquiring an additional 285,522 shares in the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Stock Performance

Shares of FE stock opened at $42.33 on Friday. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51. The firm has a market cap of $24.36 billion, a price-to-earnings ratio of 24.45, a P/E/G ratio of 2.32 and a beta of 0.50. FirstEnergy Corp. has a 52 week low of $34.73 and a 52 week high of $44.97. The firm’s 50-day simple moving average is $43.38 and its two-hundred day simple moving average is $40.50.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.56 EPS for the quarter, meeting the consensus estimate of $0.56. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the prior year, the business earned $0.47 earnings per share. As a group, equities analysts forecast that FirstEnergy Corp. will post 2.7 earnings per share for the current year.

FirstEnergy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be paid a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio is currently 97.70%.

Analyst Ratings Changes

FE has been the subject of a number of recent research reports. Barclays boosted their price objective on FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday. Bank of America increased their price target on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Wells Fargo & Company lifted their price objective on shares of FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Morgan Stanley increased their target price on shares of FirstEnergy from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Finally, Scotiabank raised their price target on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $45.80.

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.