Glenview Trust Co Makes New $750,000 Investment in FirstEnergy Corporation $FE

Glenview Trust Co purchased a new position in FirstEnergy Corporation (NYSE:FE) during the second quarter, HoldingsChannel.com reports. The fund purchased 15,784 shares of the utilities provider’s stock, valued at approximately $750,000.

Other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of FirstEnergy by 4.1% during the fourth quarter. Parallel Advisors LLC now owns 5,381 shares of the utilities provider’s stock valued at $241,000 after purchasing an additional 213 shares during the last quarter. Simplicity Wealth LLC lifted its holdings in shares of FirstEnergy by 3.4% in the 1st quarter. Simplicity Wealth LLC now owns 6,839 shares of the utilities provider’s stock worth $346,000 after purchasing an additional 223 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of FirstEnergy by 5.0% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 4,677 shares of the utilities provider’s stock worth $209,000 after purchasing an additional 223 shares during the last quarter. Pinnacle Bancorp Inc. boosted its position in FirstEnergy by 44.4% during the 1st quarter. Pinnacle Bancorp Inc. now owns 754 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 232 shares during the period. Finally, Allworth Financial LP boosted its position in FirstEnergy by 3.7% during the 4th quarter. Allworth Financial LP now owns 6,778 shares of the utilities provider’s stock valued at $303,000 after purchasing an additional 241 shares during the period. Institutional investors own 89.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FE shares. Barclays dropped their target price on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. UBS Group upped their price target on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. TD Cowen raised shares of FirstEnergy from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $56.00 to $53.00 in a report on Friday, May 15th. Morgan Stanley cut their price objective on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday, August 21st. Finally, Weiss Ratings lowered shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $45.84 on Friday. The stock has a market cap of $26.52 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 2.21 and a beta of 0.46. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. FirstEnergy Corporation has a 12 month low of $42.87 and a 12 month high of $52.34. The stock’s 50 day moving average price is $47.88 and its 200 day moving average price is $48.29.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. During the same period last year, the firm earned $0.52 EPS. Equities research analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a $0.465 dividend. The ex-dividend date is Friday, August 7th. This represents a $1.86 annualized dividend and a yield of 4.1%. FirstEnergy’s payout ratio is 98.94%.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.