Cornerstone Advisors LLC Trims Stock Position in American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• Cornerstone Advisors LLC reduced its holdings in American Electric Power by 67.5%, ending up with 10,800 shares worth approximately $1.18 million.
• During the first quarter, several large investors significantly increased their stakes, with Lazard Asset Management boosting its position by 51%.
• American Electric Power announced a quarterly dividend of $0.93 per share, representing an annual yield of 3.3% and a payout ratio of 54.39%.

Cornerstone Advisors LLC lowered its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 67.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,800 shares of the company's stock after selling 22,400 shares during the period. Cornerstone Advisors LLC's holdings in American Electric Power were worth $1,180,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of American Electric Power by 11.5% in the 4th quarter. Brighton Jones LLC now owns 10,601 shares of the company's stock worth $978,000 after acquiring an additional 1,095 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of American Electric Power by 4.9% in the fourth quarter. Cerity Partners LLC now owns 95,601 shares of the company's stock valued at $9,001,000 after purchasing an additional 4,497 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of American Electric Power by 9.0% in the fourth quarter. Bank of Montreal Can now owns 2,131,425 shares of the company's stock valued at $196,581,000 after purchasing an additional 176,581 shares in the last quarter. Invesco Ltd. boosted its position in shares of American Electric Power by 9.1% during the fourth quarter. Invesco Ltd. now owns 8,603,600 shares of the company's stock valued at $793,510,000 after buying an additional 716,229 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in American Electric Power by 16.9% during the fourth quarter. Bank of Nova Scotia now owns 90,529 shares of the company's stock worth $8,349,000 after buying an additional 13,092 shares in the last quarter. Institutional investors own 75.24% of the company's stock.

Insider Activity at American Electric Power

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

American Electric Power Stock Performance

NASDAQ AEP traded down $1.23 on Friday, hitting $112.50. 2,706,902 shares of the stock traded hands, compared to its average volume of 3,661,537. The firm has a market capitalization of $60.16 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 3.02 and a beta of 0.40. The business's fifty day moving average is $105.70 and its two-hundred day moving average is $104.53. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.41 and a current ratio of 0.55. American Electric Power Company, Inc. has a 12 month low of $89.91 and a 12 month high of $115.36.

American Electric Power (NASDAQ:AEP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the prior year, the company earned $1.25 EPS. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that American Electric Power Company, Inc. will post 5.87 EPS for the current fiscal year.

American Electric Power Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be given a $0.93 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $3.72 annualized dividend and a dividend yield of 3.3%. American Electric Power's payout ratio is 54.39%.

Analysts Set New Price Targets

Several brokerages have weighed in on AEP. Scotiabank raised their price objective on American Electric Power from $102.00 to $114.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Guggenheim boosted their price target on shares of American Electric Power from $109.00 to $115.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Barclays upped their price objective on shares of American Electric Power from $105.00 to $111.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Morgan Stanley dropped their target price on shares of 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. Finally, 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 report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, American Electric Power presently has an average rating of "Hold" and a consensus price target of $111.29.

About American Electric Power

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.