Baker Avenue Asset Management LP Purchases Shares of 2,257 American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• Baker Avenue Asset Management LP has acquired a new position in American Electric Power Company, purchasing 2,257 shares valued at approximately $247,000 in the first quarter.
• American Electric Power recently reported quarterly earnings of $1.43 EPS, exceeding analyst expectations and showing a year-over-year revenue increase of 11.1% to $5.09 billion.
• The company declared a quarterly dividend of $0.93 per share, providing an annualized dividend yield of 3.3%, scheduled for payment on September 10th.

Baker Avenue Asset Management LP purchased a new stake in American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,257 shares of the company's stock, valued at approximately $247,000.

Several other institutional investors have also recently made changes to their positions in AEP. Commerce Bank grew its position in shares of American Electric Power by 4.0% during the 1st quarter. Commerce Bank now owns 496,890 shares of the company's stock worth $54,295,000 after purchasing an additional 18,963 shares in the last quarter. Nicolet Advisory Services LLC raised its holdings in American Electric Power by 14.1% in the 1st quarter. Nicolet Advisory Services LLC now owns 3,195 shares of the company's stock valued at $330,000 after acquiring an additional 394 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of American Electric Power by 15.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,090 shares of the company's stock valued at $665,000 after acquiring an additional 813 shares during the period. Sound View Wealth Advisors Group LLC grew its holdings in shares of American Electric Power by 1.8% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 21,771 shares of the company's stock worth $2,379,000 after purchasing an additional 381 shares in the last quarter. Finally, Atlas Wealth LLC bought a new position in shares of American Electric Power in the first quarter worth $234,000. Institutional investors and hedge funds own 75.24% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AEP. Raymond James Financial reiterated an "outperform" rating and set a $122.00 price target (up previously from $115.00) on shares of American Electric Power in a research report on Thursday, July 31st. BMO Capital Markets lifted their price target on American Electric Power from $111.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday, April 21st. Barclays boosted their price target on American Electric Power from $105.00 to $111.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Guggenheim raised their price objective on American Electric Power from $109.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley lowered their target price on American Electric Power from $114.00 to $113.00 and set an "overweight" rating for the company in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, American Electric Power has a consensus rating of "Hold" and a consensus target price of $111.29.

Insider Buying and Selling at American Electric Power

In other news, EVP Quinton S. Lies sold 10,141 shares of American Electric Power stock in a transaction on Monday, May 19th. The stock was sold at an average price of $102.68, for a total value of $1,041,277.88. Following the transaction, the executive vice president directly owned 9,658 shares in the company, valued at approximately $991,683.44. This trade represents a 51.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP David Matthew Feinberg sold 8,058 shares of American Electric Power stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $101.74, for a total transaction of $819,820.92. Following the completion of the transaction, the executive vice president directly owned 10,274 shares in the company, valued at approximately $1,045,276.76. The trade was a 43.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,314 shares of company stock worth $3,508,293 in the last 90 days. 0.07% of the stock is currently owned by company insiders.

American Electric Power Trading Up 0.2%

Shares of AEP stock traded up $0.25 during trading hours on Wednesday, reaching $113.49. The company's stock had a trading volume of 3,385,147 shares, compared to its average volume of 3,560,862. The company has a current ratio of 0.55, a quick ratio of 0.41 and a debt-to-equity ratio of 1.33. The firm's fifty day simple moving average is $105.06 and its 200 day simple moving average is $104.25. The stock has a market capitalization of $60.69 billion, a P/E ratio of 16.59, a P/E/G ratio of 3.01 and a beta of 0.40. American Electric Power Company, Inc. has a one year low of $89.91 and a one year high of $115.36.

American Electric Power (NASDAQ:AEP - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.16. The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.85 billion. American Electric Power had a return on equity of 11.55% and a net margin of 17.68%. The company's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. Equities research analysts expect that American Electric Power Company, Inc. will post 5.87 EPS 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. Investors of record on Friday, August 8th will be issued a $0.93 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.3%. American Electric Power's dividend payout ratio (DPR) is 54.39%.

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.