Raymond James Financial Inc. Makes New $30.07 Million Investment in FirstEnergy Corp. (NYSE:FE)

Raymond James Financial Inc. acquired a new stake in FirstEnergy Corp. (NYSE:FE - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 755,887 shares of the utilities provider's stock, valued at approximately $30,069,000. Raymond James Financial Inc. owned approximately 0.13% of FirstEnergy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FE. Kestra Investment Management LLC acquired a new position in shares of FirstEnergy during the 4th quarter worth approximately $26,000. Lee Danner & Bass Inc. bought a new position in shares of FirstEnergy in the fourth quarter valued at $26,000. WASHINGTON TRUST Co increased its holdings in FirstEnergy by 293.0% during the fourth quarter. WASHINGTON TRUST Co now owns 786 shares of the utilities provider's stock worth $31,000 after buying an additional 586 shares during the last quarter. Bernard Wealth Management Corp. bought a new stake in FirstEnergy during the fourth quarter worth $31,000. Finally, SBI Securities Co. Ltd. acquired a new stake in FirstEnergy in the fourth quarter valued at $33,000. Institutional investors and hedge funds own 89.41% of the company's stock.

FirstEnergy Stock Performance

Shares of NYSE:FE opened at $41.87 on Friday. FirstEnergy Corp. has a 12-month low of $37.23 and a 12-month high of $44.97. The company's 50 day moving average price is $39.96 and its two-hundred day moving average price is $40.75. The firm has a market cap of $24.14 billion, a PE ratio of 27.01, a PEG ratio of 2.07 and a beta of 0.41. 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 (NYSE:FE - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.53 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. Equities research analysts predict that FirstEnergy Corp. will post 2.66 earnings per share for the current year.

FirstEnergy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Wednesday, May 7th will be paid a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date is Wednesday, May 7th. This is an increase from FirstEnergy's previous quarterly dividend of $0.43. FirstEnergy's payout ratio is 104.71%.

Wall Street Analyst Weigh In

FE has been the topic of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of FirstEnergy from $48.00 to $41.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Wolfe Research lowered FirstEnergy from an "outperform" rating to a "peer perform" rating in a research note on Thursday, January 23rd. UBS Group lifted their target price on FirstEnergy from $41.00 to $43.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Guggenheim increased their price target on FirstEnergy from $45.00 to $47.00 and gave the company a "buy" rating in a research note on Monday, April 7th. Finally, Morgan Stanley reduced their price objective on shares of FirstEnergy from $52.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $45.17.

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.

Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corp. (NYSE:FE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.