Synovus Financial Corp Grows Stake in FirstEnergy Corp. (FE)

Synovus Financial Corp raised its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 6.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,477 shares of the utilities provider’s stock after buying an additional 1,434 shares during the quarter. Synovus Financial Corp’s holdings in FirstEnergy were worth $832,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FE. Reilly Financial Advisors LLC grew its holdings in shares of FirstEnergy by 285.8% in the second quarter. Reilly Financial Advisors LLC now owns 2,878 shares of the utilities provider’s stock valued at $103,000 after purchasing an additional 2,132 shares during the period. Winslow Evans & Crocker Inc. purchased a new stake in shares of FirstEnergy in the third quarter valued at about $114,000. Valeo Financial Advisors LLC grew its holdings in shares of FirstEnergy by 104.4% in the third quarter. Valeo Financial Advisors LLC now owns 3,759 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 1,920 shares during the period. IMA Wealth Inc. purchased a new stake in shares of FirstEnergy in the second quarter valued at about $180,000. Finally, Piedmont Investment Advisors LLC purchased a new stake in shares of FirstEnergy in the second quarter valued at about $189,000. 89.79% of the stock is owned by institutional investors and hedge funds.

Shares of FE stock opened at $37.75 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.45 and a debt-to-equity ratio of 2.44. The stock has a market cap of $19.16 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 2.46 and a beta of 0.24. FirstEnergy Corp. has a 1-year low of $29.33 and a 1-year high of $39.01.

FirstEnergy (NYSE:FE) last announced its earnings results on Thursday, October 25th. The utilities provider reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.09. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.82 billion. FirstEnergy had a negative net margin of 11.86% and a positive return on equity of 24.42%. Equities research analysts anticipate that FirstEnergy Corp. will post 2.54 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Wednesday, November 7th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.81%. The ex-dividend date is Tuesday, November 6th. FirstEnergy’s dividend payout ratio (DPR) is presently 46.91%.

A number of equities research analysts recently issued reports on the stock. TheStreet raised shares of FirstEnergy from a “c+” rating to a “b” rating in a report on Tuesday, July 31st. Morgan Stanley upped their price objective on shares of FirstEnergy from $36.00 to $39.00 and gave the company a “buy” rating in a report on Monday, July 16th. Howard Weil assumed coverage on shares of FirstEnergy in a report on Tuesday, July 24th. They issued a “sector outperform” rating and a $39.00 price objective for the company. Citigroup upped their price objective on shares of FirstEnergy from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, October 3rd. Finally, Zacks Investment Research raised shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a research note on Tuesday, July 24th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $39.90.

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FirstEnergy Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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