C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Invests $443,000 in FirstEnergy Corp. (NYSE:FE)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in FirstEnergy Corp. (NYSE:FE) in the 4th quarter, Holdings Channel.com reports. The firm bought 11,124 shares of the utilities provider’s stock, valued at approximately $443,000.

A number of other large investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its stake in FirstEnergy by 1,417.3% in the third quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock valued at $32,965,000 after buying an additional 694,313 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in FirstEnergy in the 4th quarter valued at $12,198,000. Allspring Global Investments Holdings LLC boosted its stake in FirstEnergy by 2.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 9,318,905 shares of the utilities provider’s stock worth $371,911,000 after purchasing an additional 220,433 shares during the period. International Assets Investment Management LLC grew its position in FirstEnergy by 4,445.0% during the 3rd quarter. International Assets Investment Management LLC now owns 219,434 shares of the utilities provider’s stock worth $9,732,000 after purchasing an additional 214,606 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in FirstEnergy by 7.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,346,263 shares of the utilities provider’s stock valued at $104,057,000 after purchasing an additional 171,955 shares during the period. 89.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Seaport Res Ptn downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Scotiabank upgraded FirstEnergy from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Thursday, December 12th. Morgan Stanley cut their price target on FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. KeyCorp lowered their price objective on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Finally, Wolfe Research downgraded shares of FirstEnergy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, FirstEnergy currently has an average rating of “Hold” and an average price target of $46.27.

FirstEnergy Stock Performance

Shares of FE opened at $40.68 on Thursday. 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 52-week low of $36.01 and a 52-week high of $44.97. The company has a 50-day simple moving average of $39.83 and a 200-day simple moving average of $41.77. The company has a market capitalization of $23.44 billion, a PE ratio of 26.24, a P/E/G ratio of 2.00 and a beta of 0.52.

FirstEnergy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 7th will be given a dividend of $0.425 per share. The ex-dividend date is Friday, February 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.18%. FirstEnergy’s payout ratio is 109.68%.

FirstEnergy 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.