DAVENPORT & Co LLC Has $4.36 Million Holdings in FirstEnergy Corporation $FE

DAVENPORT & Co LLC raised its position in shares of FirstEnergy Corporation (NYSE:FE) by 20.0% in the third quarter, Holdings Channel reports. The firm owned 95,229 shares of the utilities provider’s stock after buying an additional 15,875 shares during the period. DAVENPORT & Co LLC’s holdings in FirstEnergy were worth $4,363,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in FirstEnergy by 1.3% in the second quarter. Vanguard Group Inc. now owns 66,988,086 shares of the utilities provider’s stock worth $2,696,940,000 after buying an additional 837,872 shares during the last quarter. Geode Capital Management LLC grew its position in FirstEnergy by 1.1% in the second quarter. Geode Capital Management LLC now owns 13,091,114 shares of the utilities provider’s stock worth $524,764,000 after acquiring an additional 146,742 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of FirstEnergy by 198.1% during the 2nd quarter. Federated Hermes Inc. now owns 6,888,967 shares of the utilities provider’s stock worth $277,350,000 after purchasing an additional 4,578,375 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of FirstEnergy by 8.6% during the 2nd quarter. Legal & General Group Plc now owns 4,715,098 shares of the utilities provider’s stock valued at $189,830,000 after purchasing an additional 374,053 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of FirstEnergy by 2.9% in the 1st quarter. Royal Bank of Canada now owns 4,098,769 shares of the utilities provider’s stock valued at $165,674,000 after purchasing an additional 116,825 shares during the last quarter. Institutional investors own 89.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. KeyCorp cut shares of FirstEnergy from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 14th. Scotiabank upped their price target on FirstEnergy from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Friday, October 24th. Mizuho raised their price objective on FirstEnergy from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. Citigroup assumed coverage on FirstEnergy in a report on Tuesday, October 7th. They issued a “buy” rating and a $53.00 target price for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of FirstEnergy in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, FirstEnergy presently has an average rating of “Moderate Buy” and a consensus price target of $48.75.

FirstEnergy Stock Up 0.0%

Shares of FE stock opened at $44.86 on Friday. FirstEnergy Corporation has a 12 month low of $37.58 and a 12 month high of $48.20. The company has a quick ratio of 0.64, a current ratio of 0.75 and a debt-to-equity ratio of 1.80. The firm has a market cap of $25.92 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 2.73 and a beta of 0.66. The stock has a 50 day moving average of $45.81 and a 200-day moving average of $43.84.

FirstEnergy (NYSE:FE) last announced its earnings results on Tuesday, October 28th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. FirstEnergy had a net margin of 9.19% and a return on equity of 11.15%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same quarter in the previous year, the firm posted $0.85 earnings per share. FirstEnergy’s revenue was up 10.8% compared to the same quarter last year. On average, equities analysts predict that FirstEnergy Corporation will post 2.66 EPS for the current year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Friday, February 6th will be given a $0.445 dividend. The ex-dividend date is Friday, February 6th. This represents a $1.78 dividend on an annualized basis and a dividend yield of 4.0%. FirstEnergy’s dividend payout ratio (DPR) is currently 77.73%.

FirstEnergy 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.