Independence Bank of Kentucky Sells 389 Shares of FirstEnergy Corp. (NYSE:FE)

Independence Bank of Kentucky reduced its position in FirstEnergy Corp. (NYSE:FE) by 18.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,750 shares of the utilities provider’s stock after selling 389 shares during the quarter. Independence Bank of Kentucky’s holdings in FirstEnergy were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Marcum Wealth LLC boosted its position in shares of FirstEnergy by 3.8% during the first quarter. Marcum Wealth LLC now owns 7,973 shares of the utilities provider’s stock worth $308,000 after acquiring an additional 295 shares during the last quarter. Allworth Financial LP boosted its position in shares of FirstEnergy by 9.3% during the fourth quarter. Allworth Financial LP now owns 3,728 shares of the utilities provider’s stock worth $137,000 after acquiring an additional 318 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of FirstEnergy by 1.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 28,575 shares of the utilities provider’s stock worth $977,000 after acquiring an additional 339 shares during the last quarter. Daymark Wealth Partners LLC boosted its position in shares of FirstEnergy by 0.5% during the fourth quarter. Daymark Wealth Partners LLC now owns 72,037 shares of the utilities provider’s stock worth $2,641,000 after acquiring an additional 341 shares during the last quarter. Finally, Twelve Points Wealth Management LLC boosted its position in shares of FirstEnergy by 5.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 7,595 shares of the utilities provider’s stock worth $278,000 after acquiring an additional 361 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors.

FirstEnergy Stock Performance

NYSE:FE traded down $0.26 during trading hours on Friday, hitting $38.27. 4,419,345 shares of the company were exchanged, compared to its average volume of 2,306,683. The stock has a market capitalization of $22.03 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.44 and a beta of 0.50. FirstEnergy Corp. has a 52-week low of $32.18 and a 52-week high of $40.65. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.65 and a quick ratio of 0.56. The company’s 50 day moving average price is $39.04 and its 200-day moving average price is $37.98.

FirstEnergy (NYSE:FE) last released its earnings results on Thursday, April 25th. The utilities provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.36 billion. FirstEnergy had a net margin of 8.22% and a return on equity of 12.45%. As a group, research analysts forecast that FirstEnergy Corp. will post 2.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Morgan Stanley dropped their target price on shares of FirstEnergy from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. Bank of America raised their target price on shares of FirstEnergy from $30.00 to $35.00 and gave the stock an “underperform” rating in a report on Tuesday, April 23rd. Scotiabank decreased their price objective on shares of FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. The Goldman Sachs Group began coverage on shares of FirstEnergy in a report on Wednesday, April 10th. They set a “buy” rating and a $45.00 price objective for the company. Finally, StockNews.com raised shares of FirstEnergy from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $40.09.

About FirstEnergy

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.