Summit Financial LLC Purchases 9,367 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Summit Financial LLC boosted its position in American Electric Power Company, Inc. (NASDAQ:AEP) by 46.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 29,742 shares of the company’s stock after acquiring an additional 9,367 shares during the period. Summit Financial LLC’s holdings in American Electric Power were worth $2,743,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AEP. SouthState Corp lifted its holdings in American Electric Power by 1.6% during the 4th quarter. SouthState Corp now owns 6,611 shares of the company’s stock worth $610,000 after purchasing an additional 102 shares in the last quarter. PSI Advisors LLC boosted its position in shares of American Electric Power by 10.6% in the fourth quarter. PSI Advisors LLC now owns 1,113 shares of the company’s stock valued at $103,000 after acquiring an additional 107 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc. grew its stake in American Electric Power by 3.7% during the fourth quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 3,105 shares of the company’s stock valued at $286,000 after acquiring an additional 112 shares in the last quarter. Albion Financial Group UT increased its holdings in American Electric Power by 0.9% during the 4th quarter. Albion Financial Group UT now owns 12,132 shares of the company’s stock worth $1,119,000 after acquiring an additional 112 shares during the period. Finally, GHP Investment Advisors Inc. lifted its stake in American Electric Power by 11.2% in the 4th quarter. GHP Investment Advisors Inc. now owns 1,112 shares of the company’s stock worth $103,000 after purchasing an additional 112 shares in the last quarter. 75.24% of the stock is owned by hedge funds and other institutional investors.

American Electric Power Stock Performance

NASDAQ:AEP opened at $109.27 on Tuesday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.31 and a current ratio of 0.44. American Electric Power Company, Inc. has a fifty-two week low of $79.16 and a fifty-two week high of $109.76. The firm has a market cap of $58.32 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 2.97 and a beta of 0.50. The business has a 50 day moving average price of $103.02 and a 200-day moving average price of $99.14.

American Electric Power (NASDAQ:AEP) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.24. American Electric Power had a net margin of 15.08% and a return on equity of 11.27%. During the same period last year, the firm posted $1.23 EPS. Equities research analysts predict that American Electric Power Company, Inc. will post 5.87 earnings per share for the current year.

American Electric Power Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 10th were given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date was Monday, February 10th. American Electric Power’s payout ratio is 66.43%.

Wall Street Analyst Weigh In

AEP has been the topic of a number of recent analyst reports. Bank of America raised their target price 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. Guggenheim upgraded shares of American Electric Power from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Scotiabank lowered shares of American Electric Power from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $105.00 to $102.00 in a research report on Thursday, December 12th. BMO Capital Markets raised their price target on American Electric Power from $107.00 to $111.00 and gave the company an “outperform” rating in a research report on Wednesday, March 26th. Finally, Morgan Stanley upped their price objective on American Electric Power from $108.00 to $113.00 and gave the stock an “overweight” rating in a report on Thursday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, American Electric Power currently has an average rating of “Hold” and a consensus target price of $100.77.

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.