Adirondack Trust Co. cut its holdings in American Electric Power Company, Inc. (NASDAQ:AEP – Free Report) by 24.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 473 shares of the company’s stock after selling 152 shares during the period. Adirondack Trust Co.’s holdings in American Electric Power were worth $49,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of AEP. Nomura Holdings Inc. bought a new stake in shares of American Electric Power during the 4th quarter worth about $175,667,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in American Electric Power by 542.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,282,571 shares of the company’s stock worth $193,541,000 after purchasing an additional 1,927,234 shares during the period. Nordea Investment Management AB grew its holdings in American Electric Power by 381.9% during the first quarter. Nordea Investment Management AB now owns 1,995,884 shares of the company’s stock valued at $171,127,000 after purchasing an additional 1,581,734 shares during the last quarter. National Bank of Canada FI raised its position in shares of American Electric Power by 221.9% in the first quarter. National Bank of Canada FI now owns 1,715,346 shares of the company’s stock valued at $157,140,000 after purchasing an additional 1,182,451 shares during the period. Finally, Zimmer Partners LP lifted its stake in shares of American Electric Power by 578.2% in the first quarter. Zimmer Partners LP now owns 975,000 shares of the company’s stock worth $83,948,000 after buying an additional 831,235 shares during the last quarter. 75.24% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on AEP. Jefferies Financial Group assumed coverage on shares of American Electric Power in a report on Friday, September 20th. They issued a “hold” rating and a $107.00 target price on the stock. BMO Capital Markets raised their price target on American Electric Power from $109.00 to $114.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. Guggenheim boosted their price objective on American Electric Power from $81.00 to $83.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Barclays raised their target price on American Electric Power from $91.00 to $96.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. upped their price target on American Electric Power from $101.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, American Electric Power presently has a consensus rating of “Hold” and an average target price of $96.79.
American Electric Power Stock Performance
NASDAQ AEP opened at $97.72 on Thursday. The stock has a market cap of $51.51 billion, a P/E ratio of 18.13, a PEG ratio of 2.93 and a beta of 0.54. The company has a quick ratio of 0.48, a current ratio of 0.65 and a debt-to-equity ratio of 1.53. American Electric Power Company, Inc. has a twelve month low of $72.01 and a twelve month high of $105.18. The company’s 50-day simple moving average is $100.38 and its 200 day simple moving average is $92.61.
American Electric Power (NASDAQ:AEP – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.02. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.74 billion. American Electric Power had a return on equity of 11.31% and a net margin of 13.52%. The company’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.13 EPS. As a group, research analysts forecast that American Electric Power Company, Inc. will post 5.6 earnings per share for the current fiscal year.
American Electric Power Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a $0.88 dividend. The ex-dividend date was Friday, August 9th. This represents a $3.52 annualized dividend and a dividend yield of 3.60%. American Electric Power’s dividend payout ratio is presently 65.31%.
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.
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