M&T Bank Corp Sells 3,963 Shares of FirstEnergy Corp. (NYSE:FE)

M&T Bank Corp trimmed its position in FirstEnergy Corp. (NYSE:FE) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 153,696 shares of the utilities provider’s stock after selling 3,963 shares during the quarter. M&T Bank Corp’s holdings in FirstEnergy were worth $6,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Livelsberger Financial Advisory acquired a new position in FirstEnergy during the 3rd quarter worth $26,000. True Wealth Design LLC lifted its position in shares of FirstEnergy by 4,571.4% during the 3rd quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 640 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in FirstEnergy during the 2nd quarter valued at approximately $32,000. Quarry LP grew its holdings in FirstEnergy by 59.1% in the 3rd quarter. Quarry LP now owns 861 shares of the utilities provider’s stock valued at $38,000 after buying an additional 320 shares during the last quarter. Finally, Sachetta LLC increased its position in FirstEnergy by 36.0% in the 2nd quarter. Sachetta LLC now owns 929 shares of the utilities provider’s stock worth $39,000 after buying an additional 246 shares during the period. 89.41% of the stock is owned by institutional investors.

FirstEnergy Trading Up 1.6 %

Shares of FE opened at $39.79 on Monday. The stock has a 50 day simple moving average of $41.83 and a 200-day simple moving average of $41.61. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. The stock has a market cap of $22.93 billion, a PE ratio of 25.67, a PEG ratio of 2.18 and a beta of 0.51. FirstEnergy Corp. has a 1 year low of $35.41 and a 1 year high of $44.97.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts predict that FirstEnergy Corp. will post 2.68 EPS for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be paid a dividend of $0.425 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.70 annualized dividend and a yield of 4.27%. FirstEnergy’s dividend payout ratio is 109.68%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FE shares. Morgan Stanley reduced their price objective on FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. KeyCorp decreased their price target 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. Seaport Res Ptn lowered shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Bank of America lifted their target price on FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Finally, Barclays upped their price target on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.27.

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.