Mackenzie Financial Corp Grows Stake in American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• Mackenzie Financial Corp increased its stake in American Electric Power by 47.9%, acquiring an additional 133,714 shares and owning approximately $45 million worth of the company's stock at the end of the quarter.
• Several other institutional investors, including Clarius Group LLC and Safeguard Investment Advisory Group LLC, also recently modified their holdings in American Electric Power, indicating increased institutional interest in the company.
• Analysts have raised their price targets for American Electric Power stock, with Guggenheim increasing it from $109 to $115 and Barclays from $95 to $106, reflecting positive sentiment among investment analysts.

Mackenzie Financial Corp raised its holdings in American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 47.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 412,577 shares of the company's stock after buying an additional 133,714 shares during the period. Mackenzie Financial Corp owned about 0.08% of American Electric Power worth $45,082,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EQ Wealth Advisors LLC purchased a new position in shares of American Electric Power during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC bought a new position in American Electric Power during the 4th quarter valued at $28,000. Bank of New Hampshire purchased a new position in American Electric Power during the 1st quarter worth $28,000. IMA Advisory Services Inc. bought a new stake in shares of American Electric Power in the 1st quarter worth $35,000. Finally, Park Square Financial Group LLC bought a new position in shares of American Electric Power during the fourth quarter valued at about $39,000. 75.24% of the stock is owned by institutional investors.

American Electric Power Trading Up 0.4%

Shares of NASDAQ AEP traded up $0.44 during midday trading on Friday, reaching $113.58. The company had a trading volume of 4,925,406 shares, compared to its average volume of 3,067,441. The firm's fifty day moving average price is $104.39 and its 200-day moving average price is $103.82. American Electric Power Company, Inc. has a one year low of $89.91 and a one year high of $114.38. The company has a quick ratio of 0.31, a current ratio of 0.55 and a debt-to-equity ratio of 1.33. The stock has a market cap of $60.74 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 3.00 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 the consensus estimate of $1.27 by $0.16. The business had revenue of $5.09 billion during 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 company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 EPS. On average, equities research analysts anticipate that American Electric Power Company, Inc. will post 5.87 earnings per share for the current year.

American Electric Power Dividend Announcement

The business 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 $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, August 8th. American Electric Power's payout ratio is 54.39%.

Insider Buying and Selling at American Electric Power

In other American Electric Power news, EVP Quinton S. Lies sold 10,141 shares of American Electric Power 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 transaction, the executive vice president directly owned 9,658 shares of the company's stock, valued at approximately $991,683.44. The trade was a 51.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David Matthew Feinberg sold 8,058 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $101.74, for a total value of $819,820.92. Following the completion of the transaction, the executive vice president owned 10,274 shares of the company's stock, 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 34,314 shares of company stock worth $3,508,293 over the last three months. Corporate insiders own 0.07% of the company's stock.

Analysts Set New Price Targets

AEP has been the subject of several recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $122.00 target price (up from $115.00) on shares of American Electric Power in a report on Thursday. Barclays lifted their price target on shares of American Electric Power from $105.00 to $111.00 and gave the stock an "equal weight" rating in a report on Friday. Citigroup increased their price target on American Electric Power from $102.00 to $109.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Morgan Stanley dropped their price target on shares of American Electric Power from $114.00 to $113.00 and set an "overweight" rating on the stock in a research note on Thursday, May 22nd. Finally, Guggenheim lifted their price target on American Electric Power from $109.00 to $115.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $111.29.

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.