Carnegie Investment Counsel Increases Stake in American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• Carnegie Investment Counsel has increased its stake in American Electric Power (AEP) by 84.6%, acquiring an additional 7,367 shares, bringing their total holdings to 16,072 shares valued at approximately $1.646 million.
• Multiple hedge funds, including Geode Capital Management and Invesco Ltd., have also grown their investments in AEP, with a total of 75.24% of the stock now owned by institutional investors.
• Analysts have mixed ratings for AEP, with a consensus of "Hold" and a target price averaging $108.31, despite UBS Group setting a lower price target of $100 while Guggenheim and Wells Fargo projected higher targets of $115.

Carnegie Investment Counsel lifted its position in American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 84.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,072 shares of the company's stock after purchasing an additional 7,367 shares during the period. Carnegie Investment Counsel's holdings in American Electric Power were worth $1,646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of American Electric Power by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 12,808,003 shares of the company's stock worth $1,178,174,000 after purchasing an additional 283,311 shares in the last quarter. Invesco Ltd. grew its stake in 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 acquiring an additional 716,229 shares in the last quarter. Royal Bank of Canada grew its stake in American Electric Power by 1.2% during the fourth quarter. Royal Bank of Canada now owns 7,047,428 shares of the company's stock valued at $649,983,000 after acquiring an additional 85,756 shares in the last quarter. Lazard Asset Management LLC grew its stake in American Electric Power by 51.0% during the fourth quarter. Lazard Asset Management LLC now owns 6,416,474 shares of the company's stock valued at $591,791,000 after acquiring an additional 2,165,888 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in American Electric Power by 27.5% during the fourth quarter. Bank of America Corp DE now owns 5,120,568 shares of the company's stock valued at $472,270,000 after acquiring an additional 1,105,317 shares in the last quarter. 75.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on AEP shares. UBS Group raised their target price on shares of American Electric Power from $95.00 to $100.00 and gave the company a "sell" rating in a research note on Friday, June 6th. Guggenheim raised their target price on shares of American Electric Power from $109.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Wells Fargo & Company raised their target price on shares of American Electric Power from $107.00 to $114.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Raymond James Financial started coverage on shares of American Electric Power in a research note on Friday, June 13th. They set an "outperform" rating and a $115.00 target price for the company. Finally, Morgan Stanley cut their target price on shares of 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 equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $108.31.

Insider Activity

In other news, EVP Quinton S. Lies sold 10,141 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president owned 9,658 shares in the company, valued at approximately $991,683.44. This trade represents a 51.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Matthew Feinberg sold 8,058 shares of the firm's stock in a transaction dated 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 $1,045,276.76. This represents a 43.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,314 shares of company stock valued at $3,508,293 in the last 90 days. Company insiders own 0.07% of the company's stock.

American Electric Power Price Performance

AEP stock opened at $109.79 on Friday. The company has a fifty day simple moving average of $103.77 and a two-hundred day simple moving average of $103.33. The firm has a market capitalization of $58.65 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 2.89 and a beta of 0.42. The company has a quick ratio of 0.31, a current ratio of 0.42 and a debt-to-equity ratio of 1.42. American Electric Power Company, Inc. has a 52 week low of $89.91 and a 52 week high of $110.51.

American Electric Power (NASDAQ:AEP - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.14. The firm 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 was up 8.7% on a year-over-year basis. During the same quarter last year, the business earned $1.27 EPS. 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 annualized dividend and a dividend yield of 3.39%. American Electric Power's dividend payout ratio (DPR) is presently 71.68%.

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.

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