FirstEnergy Corp (NYSE: FE) said this week its Board of Directors had authorized a quarterly dividend of $0.425 per share of outstanding common stock.
The latter represents an increase of about 4% compared to the prior dividend payment.
The dividend will be paid on June 1st to shareholders of record as of the close of business on May 7th 2024, the company said.
FirstEnergy expects to announce dividends totaling $1.70 per share this year, or an increase of over 6% compared to dividends declared in 2023.
“We’re pleased to announce this enhanced dividend payout to investors, which reflects our confidence in our strategies and our success in strengthening our financial position,” Brian X. Tierney, President and Chief Executive Officer, said in a press release.
“Our goal is to increase our dividend in line with operating earnings growth over time.”
Stock Performance
The shares of FirstEnergy Corp (FE) closed 0.03% ($0.01) higher at $38.27 in New York on Thursday, as they reversed a small loss from the previous market session.
The company’s total market cap now stands at $21.984 billion.
The shares of FirstEnergy Corp (FE) went down 12.59% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 4.39% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 5 out of 10 surveyed investment analysts had rated FirstEnergy Corp’s stock as “Hold”, while other 5 – as “Buy”. The median price target on the stock stands at $41.30, which translates into a 7.92% upside compared to the closing price on Thursday.
The high point of the analyst forecast range stands at $47.00.
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