Townsquare Capital LLC Acquires 6,557 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Key Points

• Townsquare Capital LLC increased its stake in American Electric Power Company by 13.1%, acquiring an additional 6,557 shares to reach a total of 56,451 shares valued at approximately $6.17 million.
• Several institutional investors, including Zions Bancorporation and Forsta AP Fonden, also made significant investments in American Electric Power, reflecting strong institutional interest with over 75% of the company's stock owned by such investors.
• American Electric Power reported earnings of $1.43 per share in its most recent quarter, exceeding expectations, and announced a quarterly dividend of $0.93 per share, yielding 3.3% annually.

Townsquare Capital LLC lifted its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,451 shares of the company's stock after purchasing an additional 6,557 shares during the period. Townsquare Capital LLC's holdings in American Electric Power were worth $6,168,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Zions Bancorporation National Association UT bought a new stake in shares of American Electric Power during the 1st quarter valued at about $7,023,000. Morton Community Bank boosted its position in shares of American Electric Power by 0.8% during the 1st quarter. Morton Community Bank now owns 37,380 shares of the company's stock valued at $4,085,000 after purchasing an additional 315 shares in the last quarter. Founders Financial Alliance LLC boosted its position in shares of American Electric Power by 1.1% during the 1st quarter. Founders Financial Alliance LLC now owns 10,017 shares of the company's stock valued at $1,095,000 after purchasing an additional 108 shares in the last quarter. Rezny Wealth Management Inc. raised its stake in American Electric Power by 4.1% during the 1st quarter. Rezny Wealth Management Inc. now owns 17,608 shares of the company's stock worth $1,924,000 after buying an additional 691 shares during the period. Finally, Forsta AP Fonden raised its stake in American Electric Power by 40.3% during the 1st quarter. Forsta AP Fonden now owns 160,200 shares of the company's stock worth $17,505,000 after buying an additional 46,000 shares during the period. Institutional investors own 75.24% of the company's stock.

Insider Buying and Selling

In related 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 transaction of $819,820.92. Following the completion of the sale, the executive vice president directly owned 10,274 shares of the company's stock, valued at approximately $1,045,276.76. This trade represents a 43.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Quinton S. Lies sold 10,141 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 9,658 shares of the company's stock, valued at approximately $991,683.44. This trade represents a 51.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,314 shares of company stock valued at $3,508,293 over the last ninety days. 0.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on AEP. Raymond James Financial reaffirmed an "outperform" rating and set a $122.00 price target (up from $115.00) on shares of American Electric Power in a research note on Thursday, July 31st. Guggenheim upped their price target 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 upped their price target on American Electric Power from $102.00 to $114.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. Citigroup upped 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. Finally, Wells Fargo & Company upped their price target 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 given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $111.29.

American Electric Power Stock Performance

Shares of American Electric Power stock opened at $112.50 on Friday. 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 company has a market cap of $60.16 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 2.99 and a beta of 0.40. The business has a 50 day moving average price of $105.70 and a 200-day moving average price of $104.58. American Electric Power Company, Inc. has a 52 week low of $89.91 and a 52 week high of $115.36.

American Electric Power (NASDAQ:AEP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.16. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.85 billion. American Electric Power had a return on equity of 11.55% and a net margin of 17.68%. American Electric Power's 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. Equities 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors 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 dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, August 8th. American Electric Power's dividend payout ratio (DPR) is presently 54.39%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.