Johnson Investment Counsel Inc. lowered its position in shares of American Electric Power Company, Inc. (NASDAQ:AEP) by 5.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,569 shares of the company’s stock after selling 1,131 shares during the period. Johnson Investment Counsel Inc.’s holdings in American Electric Power were worth $1,655,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. E Fund Management Co. Ltd. purchased a new position in shares of American Electric Power during the first quarter worth about $498,000. Panagora Asset Management Inc. boosted its stake in shares of American Electric Power by 1.3% during the 1st quarter. Panagora Asset Management Inc. now owns 74,672 shares of the company’s stock worth $6,325,000 after acquiring an additional 931 shares in the last quarter. Waddell & Reed Financial Inc. boosted its stake in shares of American Electric Power by 1.4% during the 1st quarter. Waddell & Reed Financial Inc. now owns 13,485 shares of the company’s stock worth $1,142,000 after acquiring an additional 182 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of American Electric Power by 19.6% during the 1st quarter. Prudential Financial Inc. now owns 482,156 shares of the company’s stock worth $40,838,000 after acquiring an additional 78,994 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its stake in shares of American Electric Power by 5.3% during the 1st quarter. Cresset Asset Management LLC now owns 19,215 shares of the company’s stock worth $1,628,000 after acquiring an additional 960 shares in the last quarter. Institutional investors and hedge funds own 73.60% of the company’s stock.
Several equities research analysts have recently commented on the company. Bank of America raised American Electric Power from a “neutral” rating to a “buy” rating and set a $86.88 price target on the stock in a research note on Monday, July 26th. Morgan Stanley cut their price objective on American Electric Power from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Friday, September 17th. Finally, Wells Fargo & Company cut their price objective on American Electric Power from $96.00 to $93.00 and set an “equal weight” rating for the company in a research report on Friday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $94.99.
American Electric Power (NASDAQ:AEP) last issued its quarterly earnings results on Wednesday, July 21st. The company reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.04. American Electric Power had a return on equity of 11.02% and a net margin of 14.78%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $4.05 billion. During the same period in the previous year, the firm posted $1.08 EPS. American Electric Power’s revenue was up 8.6% on a year-over-year basis. As a group, equities research analysts forecast that American Electric Power Company, Inc. will post 4.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Tuesday, August 10th were paid a dividend of $0.74 per share. The ex-dividend date of this dividend was Monday, August 9th. This represents a $2.96 annualized dividend and a dividend yield of 3.55%. American Electric Power’s dividend payout ratio is presently 66.67%.
In related news, CEO Nicholas K. Akins sold 2,100 shares of the company’s stock in a transaction on Friday, October 1st. The shares were sold at an average price of $81.79, for a total transaction of $171,759.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.
About American Electric Power
American Electric Power Co, Inc engages in the business of generation, transmission and distribution of electricity. It operates through the following segments: Vertically Integrated Utilities, Transmission & Distribution Utilities, AEP Transmission Holdco and Generation & Marketing. The Vertically Integrated Utilities segment engages in the generation, transmission and distribution of electricity for sale to retail and wholesale customers through assets owned and operated by its subsidiaries.
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