LPL Financial LLC raised its stake in American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 17.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,163,228 shares of the company's stock after purchasing an additional 175,343 shares during the period. LPL Financial LLC owned 0.22% of American Electric Power worth $127,106,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. EQ Wealth Advisors LLC bought a new stake in shares of American Electric Power during the 1st quarter valued at about $25,000. Bank of New Hampshire bought a new stake in shares of American Electric Power during the 1st quarter valued at about $28,000. Fourth Dimension Wealth LLC bought a new stake in shares of American Electric Power during the 4th quarter valued at about $28,000. IMA Advisory Services Inc. bought a new stake in shares of American Electric Power during the 1st quarter valued at about $35,000. Finally, North Capital Inc. bought a new stake in shares of American Electric Power during the 1st quarter valued at about $39,000. Institutional investors own 75.24% of the company's stock.
Insider Buying and Selling
In other news, EVP David Matthew Feinberg sold 8,058 shares of the company'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 sale, the executive vice president directly owned 10,274 shares of the company's stock, valued at approximately $1,045,276.76. This represents a 43.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Quinton S. Lies sold 10,141 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $991,683.44. This represents a 51.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,314 shares of company stock valued at $3,508,293. Company insiders own 0.07% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on AEP shares. Citigroup boosted their price objective on shares of American Electric Power from $102.00 to $109.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Barclays boosted their price objective on shares of American Electric Power from $95.00 to $106.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 22nd. Guggenheim boosted their price objective on shares of American Electric Power from $109.00 to $115.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. UBS Group upped their target price on shares of American Electric Power from $95.00 to $100.00 and gave the stock a "sell" rating in a research report on Friday, June 6th. Finally, Raymond James Financial initiated coverage on shares of American Electric Power in a research report on Friday, June 13th. They issued an "outperform" rating and a $115.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $108.31.
Read Our Latest Stock Report on AEP
American Electric Power Trading Down 1.7%
Shares of NASDAQ:AEP opened at $107.95 on Tuesday. The company has a 50 day moving average of $103.85 and a 200-day moving average of $103.59. The firm has a market cap of $57.67 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.91 and a beta of 0.42. American Electric Power Company, Inc. has a twelve month low of $89.91 and a twelve month high of $110.51. The company has a current ratio of 0.42, a quick ratio of 0.31 and a debt-to-equity ratio of 1.42.
American Electric Power (NASDAQ:AEP - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.14. The company had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.33 billion. American Electric Power had a net margin of 13.73% and a return on equity of 11.68%. The business's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.27 EPS. As a group, analysts anticipate 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 Wednesday, September 10th. Stockholders of record on Friday, August 8th will be paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, August 8th. American Electric Power's dividend payout ratio is currently 71.68%.
About American Electric Power
(
Free Report)
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.
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