Summit Global Investments Lowers Stock Holdings in American Electric Power Company, Inc. (NASDAQ:AEP)

Summit Global Investments cut its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 60.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,408 shares of the company's stock after selling 23,703 shares during the quarter. Summit Global Investments' holdings in American Electric Power were worth $1,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of AEP. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of American Electric Power in the fourth quarter valued at about $25,000. Fourth Dimension Wealth LLC purchased a new position in shares of American Electric Power during the 4th quarter worth approximately $28,000. Fairway Wealth LLC purchased a new stake in American Electric Power in the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. purchased a new stake in American Electric Power in the fourth quarter worth $35,000. Finally, Kestra Investment Management LLC purchased a new stake in American Electric Power in the fourth quarter worth $35,000. 75.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AEP has been the topic of several recent research reports. Wells Fargo & Company upped their price target on American Electric Power from $107.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Barclays upped their target price on shares of American Electric Power from $95.00 to $106.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 22nd. Morgan Stanley cut their price objective on shares of American Electric Power from $114.00 to $113.00 and set an "overweight" rating on the stock in a report on Thursday, May 22nd. Guggenheim upped their price objective 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. Finally, Citigroup upped their price objective on shares of American Electric Power from $102.00 to $109.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $105.69.

Insider Activity

In related news, EVP Quinton S. Lies sold 10,141 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $102.68, for a total value of $1,041,277.88. Following the sale, the executive vice president now owns 9,658 shares in the company, valued at approximately $991,683.44. This trade represents a 51.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.07% of the company's stock.

American Electric Power Stock Up 0.6%

Shares of NASDAQ:AEP traded up $0.62 during trading on Friday, reaching $103.15. 3,896,578 shares of the stock traded hands, compared to its average volume of 3,203,700. The stock has a 50-day moving average of $104.88 and a two-hundred day moving average of $100.78. American Electric Power Company, Inc. has a 52-week low of $85.93 and a 52-week high of $110.48. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.31 and a current ratio of 0.44. The stock has a market cap of $55.10 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 2.97 and a beta of 0.45.

American Electric Power (NASDAQ:AEP - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.40 by $0.14. American Electric Power had a return on equity of 11.27% and a net margin of 15.08%. The business had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same period last year, the business posted $1.27 EPS. The company's revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that American Electric Power Company, Inc. will post 5.87 earnings per share for the current fiscal year.

American Electric Power Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend is Friday, May 9th. American Electric Power's payout ratio is presently 71.68%.

American Electric Power 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.