American Electric Power Company, Inc. (NASDAQ:AEP) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in American Electric Power Company by 7.4%, resulting in holdings worth approximately $9.16 million after selling 6,697 shares during the first quarter.
• American Electric Power reported strong earnings, with a quarterly EPS of $1.43, exceeding analysts' expectations, and a revenue of $5.09 billion, indicating a year-over-year revenue growth of 11.1%.
• The company announced a quarterly dividend of $0.93 per share, which translates to an annualized dividend of $3.72 and a yield of 3.2%.

Bank of Nova Scotia lowered its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,832 shares of the company's stock after selling 6,697 shares during the quarter. Bank of Nova Scotia's holdings in American Electric Power were worth $9,160,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Kingswood Wealth Advisors LLC increased its holdings in shares of American Electric Power by 14.8% during the first quarter. Kingswood Wealth Advisors LLC now owns 3,331 shares of the company's stock valued at $364,000 after acquiring an additional 430 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in American Electric Power in the first quarter valued at approximately $262,000. Robertson Stephens Wealth Management LLC purchased a new stake in American Electric Power in the first quarter valued at approximately $205,000. GAMMA Investing LLC boosted its position in American Electric Power by 24.5% in the first quarter. GAMMA Investing LLC now owns 19,678 shares of the company's stock valued at $2,150,000 after buying an additional 3,867 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in American Electric Power by 26.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 355,516 shares of the company's stock valued at $38,848,000 after buying an additional 73,488 shares during the last quarter. Institutional investors and hedge funds own 75.24% of the company's stock.

American Electric Power Trading Up 1.3%

Shares of NASDAQ AEP opened at $115.00 on Tuesday. The stock has a market capitalization of $61.50 billion, a PE ratio of 16.81, a PEG ratio of 3.02 and a beta of 0.40. The stock has a fifty day simple moving average of $104.85 and a 200-day simple moving average of $104.19. American Electric Power Company, Inc. has a twelve month low of $89.91 and a twelve month high of $115.29. The company has a current ratio of 0.55, a quick ratio of 0.41 and a debt-to-equity ratio of 1.33.

American Electric Power (NASDAQ:AEP - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.27 by $0.16. American Electric Power had a return on equity of 11.55% and a net margin of 17.68%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business posted $1.25 earnings per share. American Electric Power's revenue was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that American Electric Power Company, Inc. will post 5.87 earnings per share for the current year.

American Electric Power Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be paid a dividend of $0.93 per share. The ex-dividend date is Friday, August 8th. This represents a $3.72 annualized dividend and a dividend yield of 3.2%. American Electric Power's dividend payout ratio is 54.39%.

Insider Activity

In other news, EVP David Matthew Feinberg sold 8,058 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $101.74, for a total transaction of $819,820.92. Following the completion of the sale, the executive vice president owned 10,274 shares in the company, valued at approximately $1,045,276.76. This represents a 43.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Quinton S. Lies sold 10,141 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $102.68, for a total transaction of $1,041,277.88. Following the sale, the executive vice president owned 9,658 shares of the company's stock, valued at $991,683.44. This trade represents a 51.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,314 shares of company stock valued at $3,508,293 in the last quarter. Insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Scotiabank upped their target price on American Electric Power from $102.00 to $114.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. Wells Fargo & Company upped their target price on American Electric Power from $107.00 to $114.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Morgan Stanley dropped their target price on American Electric Power from $114.00 to $113.00 and set an "overweight" rating on the stock in a research report on Thursday, May 22nd. BMO Capital Markets boosted their price target on American Electric Power from $111.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, April 21st. Finally, Guggenheim boosted their price target on American Electric Power from $109.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, American Electric Power currently has an average rating of "Hold" and a consensus target price of $111.29.

American Electric Power Company Profile

American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.

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.