PNC Financial Services Group Inc. Has $59.84 Million Holdings in American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• PNC Financial Services Group Inc. owns $59.84 million in American Electric Power Company, having reduced its stake by 1.4%, now holding 547,609 shares.
• Recent analyst reports have resulted in varied price targets for AEP, with Citigroup raising its target to $109.00 while Guggenheim increased theirs to $115.00, showcasing a consensus rating of "Hold."
• American Electric Power announced a quarterly dividend of $0.93, representing a 3.3% yield, with a payout ratio currently at 54.39%.

PNC Financial Services Group Inc. cut its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 1.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 547,609 shares of the company's stock after selling 7,791 shares during the period. PNC Financial Services Group Inc. owned 0.10% of American Electric Power worth $59,837,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. EQ Wealth Advisors LLC bought a new stake in shares of American Electric Power in the 1st quarter valued at about $25,000. Fourth Dimension Wealth LLC bought a new stake in shares of American Electric Power in the 4th quarter valued at about $28,000. Bank of New Hampshire bought a new stake in shares of American Electric Power in the 1st quarter valued at about $28,000. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of American Electric Power in the 1st quarter valued at about $33,000. Finally, IMA Advisory Services Inc. bought a new stake in shares of American Electric Power in the 1st quarter valued at about $35,000. 75.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AEP has been the subject of a number of recent analyst reports. Citigroup upped their price target on American Electric Power from $102.00 to $109.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Morgan Stanley lowered their price target 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. Guggenheim increased their target price on American Electric Power from $109.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Scotiabank increased their target price on American Electric Power from $102.00 to $114.00 and gave the stock a "sector perform" rating in a research note on Thursday. Finally, Wells Fargo & Company increased their target price on American Electric Power from $107.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, American Electric Power currently has a consensus rating of "Hold" and an average target price of $111.29.

American Electric Power Price Performance

Shares of AEP opened at $113.58 on Monday. The stock has a market capitalization of $60.74 billion, a P/E ratio of 16.61, a P/E/G ratio of 3.02 and a beta of 0.40. American Electric Power Company, Inc. has a twelve month low of $89.91 and a twelve month high of $114.38. The company has a 50 day moving average of $104.61 and a 200-day moving average of $104.07. The company has a quick ratio of 0.41, a current ratio of 0.55 and a debt-to-equity ratio of 1.33.

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

American Electric Power Announces Dividend

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

Insider Activity at American Electric Power

In other news, EVP David Matthew Feinberg sold 8,058 shares of the 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 completion of the sale, the executive vice president owned 10,274 shares of the company's stock, valued at approximately $1,045,276.76. This represents a 43.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Quinton S. Lies sold 10,141 shares of the stock in a transaction that occurred on 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,314 shares of company stock valued at $3,508,293. 0.07% of the stock is currently owned by insiders.

American Electric Power Profile

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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