Corebridge Financial Inc. Has $6.68 Million Stock Position in FirstEnergy Corp. (NYSE:FE)

Corebridge Financial Inc. grew its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 4.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 168,035 shares of the utilities provider’s stock after purchasing an additional 7,914 shares during the period. Corebridge Financial Inc.’s holdings in FirstEnergy were worth $6,684,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Pathstone Holdings LLC lifted its holdings in FirstEnergy by 2.3% during the 3rd quarter. Pathstone Holdings LLC now owns 34,555 shares of the utilities provider’s stock worth $1,533,000 after buying an additional 768 shares during the period. Raymond James Trust N.A. bought a new position in shares of FirstEnergy during the third quarter worth about $215,000. Kingsview Wealth Management LLC acquired a new position in shares of FirstEnergy in the third quarter worth approximately $239,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in FirstEnergy by 5.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 109,571 shares of the utilities provider’s stock valued at $4,859,000 after acquiring an additional 5,535 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in FirstEnergy by 1.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 89,511 shares of the utilities provider’s stock valued at $3,970,000 after purchasing an additional 1,700 shares during the period. Institutional investors and hedge funds own 89.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FE. UBS Group boosted their price target on shares of FirstEnergy from $41.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Guggenheim dropped their target price on shares of FirstEnergy from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Wells Fargo & Company decreased their price target on FirstEnergy from $48.00 to $41.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. KeyCorp dropped their price objective on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Finally, Morgan Stanley decreased their target price on FirstEnergy from $52.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $45.00.

FirstEnergy Price Performance

Shares of FE opened at $40.05 on Friday. The stock has a market cap of $23.10 billion, a P/E ratio of 25.84, a P/E/G ratio of 2.07 and a beta of 0.48. The business’s fifty day moving average is $39.89 and its 200 day moving average is $41.15. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.58. FirstEnergy Corp. has a 12-month low of $36.81 and a 12-month high of $44.97.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Wednesday, February 26th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.53 billion. Sell-side analysts anticipate that FirstEnergy Corp. will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders 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 dividend yield of 4.44%. FirstEnergy’s dividend payout ratio is 104.71%.

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.