Truist Financial Corp Sells 10,324 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Truist Financial Corp lessened its holdings in American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 305,250 shares of the company's stock after selling 10,324 shares during the quarter. Truist Financial Corp owned approximately 0.06% of American Electric Power worth $33,355,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Element Wealth LLC acquired a new position in shares of American Electric Power during the first quarter valued at $202,000. Argyle Capital Management LLC boosted its holdings in shares of American Electric Power by 28.7% during the first quarter. Argyle Capital Management LLC now owns 6,600 shares of the company's stock valued at $721,000 after acquiring an additional 1,470 shares during the period. Strategic Blueprint LLC boosted its holdings in shares of American Electric Power by 0.4% during the first quarter. Strategic Blueprint LLC now owns 24,552 shares of the company's stock valued at $2,683,000 after acquiring an additional 108 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of American Electric Power by 86.9% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,396 shares of the company's stock valued at $480,000 after acquiring an additional 2,044 shares during the period. Finally, IFM Investors Pty Ltd boosted its holdings in shares of American Electric Power by 3.8% during the first quarter. IFM Investors Pty Ltd now owns 147,950 shares of the company's stock valued at $15,180,000 after acquiring an additional 5,371 shares during the period. Institutional investors and hedge funds own 75.24% of the company's stock.

American Electric Power Stock Performance

American Electric Power stock traded down $1.34 during trading hours on Tuesday, reaching $102.83. 244,572 shares of the company were exchanged, compared to its average volume of 3,210,206. The firm has a market cap of $54.93 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 2.76 and a beta of 0.42. The company has a current ratio of 0.42, a quick ratio of 0.31 and a debt-to-equity ratio of 1.42. The stock has a 50-day moving average of $103.24 and a 200 day moving average of $102.04. American Electric Power Company, Inc. has a 12 month low of $86.83 and a 12 month high of $110.48.

American Electric Power (NASDAQ:AEP - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.14. The firm had revenue of $5.46 billion during the quarter, compared to analysts' expectations of $5.33 billion. American Electric Power had a return on equity of 11.68% and a net margin of 13.73%. The company's revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.27 earnings per share. As a group, research analysts anticipate that American Electric Power Company, Inc. will post 5.87 earnings per share for the current year.

American Electric Power Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were paid a $0.93 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $3.72 annualized dividend and a dividend yield of 3.62%. American Electric Power's payout ratio is 71.68%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AEP. Bank of America lifted their price objective on shares of American Electric Power from $108.00 to $114.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. BMO Capital Markets lifted their price objective on shares of American Electric Power from $111.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday, April 21st. Wells Fargo & Company lifted 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. Guggenheim boosted their price target on shares of American Electric Power from $109.00 to $115.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, Citigroup boosted their price target on shares of American Electric Power from $102.00 to $109.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $108.31.

Insider Buying and Selling at American Electric Power

In other American Electric Power news, EVP Quinton S. Lies sold 10,141 shares of the firm's 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 sale, the executive vice president directly owned 9,658 shares in the company, valued at $991,683.44. This trade represents a 51.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David Matthew Feinberg sold 8,058 shares of the firm's stock in a transaction 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 owned 10,274 shares in the company, valued at $1,045,276.76. This represents a 43.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,314 shares of company stock worth $3,508,293. 0.07% of the stock is currently owned by corporate insiders.

American Electric Power Company 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.