Magellan Asset Management Ltd Sells 13,499 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• Magellan Asset Management Ltd reduced its holdings in American Electric Power by 4.4%, now owning approximately $31.8 million worth of the stock.
• Other institutional investors including Lazard Asset Management and GAMMA Investing significantly increased their stakes in American Electric Power, highlighting a strong interest in the company.
• American Electric Power recently announced a **quarterly dividend** of $0.93, providing a yield of 3.3% for shareholders, with a payout ratio of 54.39%.

Magellan Asset Management Ltd trimmed its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 4.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 291,014 shares of the company's stock after selling 13,499 shares during the period. Magellan Asset Management Ltd owned 0.05% of American Electric Power worth $31,799,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AEP. Brighton Jones LLC grew its position in shares of American Electric Power by 11.5% during the 4th quarter. Brighton Jones LLC now owns 10,601 shares of the company's stock worth $978,000 after buying an additional 1,095 shares during the period. Bank of Nova Scotia grew its stake in shares of American Electric Power by 16.9% during the fourth quarter. Bank of Nova Scotia now owns 90,529 shares of the company's stock worth $8,349,000 after purchasing an additional 13,092 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of American Electric Power during the fourth quarter worth $25,714,000. Bessemer Group Inc. grew its stake in shares of American Electric Power by 3.2% during the fourth quarter. Bessemer Group Inc. now owns 37,809 shares of the company's stock worth $3,488,000 after purchasing an additional 1,155 shares during the period. Finally, LSV Asset Management grew its stake in shares of American Electric Power by 18.0% during the fourth quarter. LSV Asset Management now owns 77,510 shares of the company's stock worth $7,149,000 after purchasing an additional 11,800 shares during the period. 75.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AEP shares. Raymond James Financial reiterated an "outperform" rating and set a $122.00 target price (up from $115.00) on shares of American Electric Power in a report on Thursday, July 31st. Morgan Stanley reduced their target price on American Electric Power from $114.00 to $113.00 and set an "overweight" rating on the stock in a report on Thursday, May 22nd. UBS Group lifted their target price on American Electric Power from $100.00 to $110.00 and gave the stock a "sell" rating in a report on Thursday, July 31st. Scotiabank lifted their target price on American Electric Power from $102.00 to $114.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. Finally, Mizuho set a $116.00 target price on American Electric Power and gave the stock a "neutral" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $111.29.

American Electric Power Stock Down 0.0%

AEP traded down $0.01 on Tuesday, hitting $111.99. 2,576,390 shares of the company were exchanged, compared to its average volume of 3,626,442. American Electric Power Company, Inc. has a 12 month low of $89.91 and a 12 month high of $115.36. The company has a market cap of $59.89 billion, a PE ratio of 16.37, a PEG ratio of 2.97 and a beta of 0.40. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.41 and a current ratio of 0.55. The stock's fifty day moving average is $106.06 and its 200-day moving average is $104.78.

American Electric Power (NASDAQ:AEP - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.16. American Electric Power had a return on equity of 11.55% and a net margin of 17.68%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. American Electric Power's revenue was up 11.1% on a year-over-year basis. Equities research analysts predict that American Electric Power Company, Inc. will post 5.87 EPS for the current fiscal year.

American Electric Power Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be given 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 of this dividend is Friday, August 8th. American Electric Power's payout ratio is 54.39%.

Insider Buying and Selling

In other American Electric Power news, EVP Quinton S. Lies sold 10,141 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $102.68, for a total transaction of $1,041,277.88. Following the transaction, the executive vice president owned 9,658 shares of the company's stock, valued at $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 available through this hyperlink. Also, EVP David Matthew Feinberg sold 8,058 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 10,274 shares in the company, valued at approximately $1,045,276.76. This trade represents a 43.96% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,314 shares of company stock worth $3,508,293. Company insiders own 0.07% of the company's stock.

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.