Corebridge Financial Inc. Has $16.67 Million Position in American Electric Power Company, Inc. $AEP

Key Points

• Corebridge Financial Inc. reduced its stake in American Electric Power Company by 2.9%, holding 152,514 shares valued at approximately $16.67 million after selling 4,520 shares.
• Several institutional investors have recently entered positions in American Electric Power, with ownership now at 75.24% of total shares.
• American Electric Power announced a quarterly dividend of $0.93, yielding 3.3%, with a dividend payout ratio of 54.39%.

Corebridge Financial Inc. reduced its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,514 shares of the company's stock after selling 4,520 shares during the quarter. Corebridge Financial Inc.'s holdings in American Electric Power were worth $16,665,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. EQ Wealth Advisors LLC bought a new position in American Electric Power in the first quarter valued at approximately $25,000. Bank of New Hampshire bought a new position in American Electric Power in the first quarter valued at approximately $28,000. MJT & Associates Financial Advisory Group Inc. bought a new position in American Electric Power in the first quarter valued at approximately $33,000. Fourth Dimension Wealth LLC bought a new position in American Electric Power in the fourth quarter valued at approximately $28,000. Finally, IMA Advisory Services Inc. bought a new position in American Electric Power in the first quarter valued at approximately $35,000. 75.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Barclays raised their price objective on shares of American Electric Power from $105.00 to $111.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Wells Fargo & Company raised their price objective 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. UBS Group raised their price objective on shares of American Electric Power from $100.00 to $110.00 and gave the company a "sell" rating in a research note on Thursday, July 31st. Scotiabank lifted their price target on shares of American Electric Power from $102.00 to $114.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. Finally, Morgan Stanley reissued an "overweight" rating on shares of American Electric Power in a research report on Thursday, August 21st. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, American Electric Power has a consensus rating of "Hold" and an average price target of $111.29.

American Electric Power Stock Down 1.0%

Shares of NASDAQ:AEP traded down $1.11 during midday trading on Thursday, reaching $111.78. 3,697,314 shares of the company were exchanged, compared to its average volume of 3,371,490. American Electric Power Company, Inc. has a fifty-two week low of $89.91 and a fifty-two week high of $115.36. The company has a quick ratio of 0.41, a current ratio of 0.55 and a debt-to-equity ratio of 1.33. The stock has a fifty day simple moving average of $108.66 and a two-hundred day simple moving average of $105.83. The firm has a market cap of $59.78 billion, a PE ratio of 16.34, a P/E/G ratio of 2.99 and a beta of 0.40.

American Electric Power (NASDAQ:AEP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.16. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.85 billion. American Electric Power had a net margin of 17.68% and a return on equity of 11.55%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $1.25 earnings per share. American Electric Power has set its FY 2025 guidance at 6.570-6.770 EPS. As a group, sell-side analysts forecast that American Electric Power Company, Inc. will post 5.87 earnings per share for the current year.

American Electric Power Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, August 8th. American Electric Power's dividend payout ratio is 54.39%.

Insider Transactions at American Electric Power

In other American Electric Power news, EVP David Matthew Feinberg sold 8,058 shares of the 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 owned 10,274 shares in the company, valued at approximately $1,045,276.76. This represents a 43.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 24,173 shares of company stock worth $2,467,015. 0.07% of the stock is currently owned by corporate insiders.

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.