M&R Capital Management Inc. reduced its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP) by 9.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,850 shares of the company’s stock after selling 200 shares during the quarter. M&R Capital Management Inc.’s holdings in American Electric Power were worth $156,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. ZWJ Investment Counsel Inc. increased its holdings in American Electric Power by 6.8% in the 4th quarter. ZWJ Investment Counsel Inc. now owns 237,385 shares of the company’s stock worth $19,767,000 after buying an additional 15,216 shares during the period. Fiduciary Trust Co. raised its holdings in American Electric Power by 3.6% in the 4th quarter. Fiduciary Trust Co. now owns 88,539 shares of the company’s stock valued at $7,372,000 after buying an additional 3,066 shares during the period. Solitude Financial Services acquired a new position in American Electric Power in the 4th quarter valued at about $930,000. Ardevora Asset Management LLP grew its position in American Electric Power by 7.5% in the 4th quarter. Ardevora Asset Management LLP now owns 550,887 shares of the company’s stock valued at $45,872,000 after acquiring an additional 38,546 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in American Electric Power by 277.1% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 18,590 shares of the company’s stock valued at $1,519,000 after acquiring an additional 13,660 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.
Several research firms recently weighed in on AEP. Mizuho assumed coverage on American Electric Power in a research note on Monday, December 14th. They set a “buy” rating and a $84.00 target price for the company. Morgan Stanley upped their price target on American Electric Power from $98.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, March 25th. Guggenheim raised American Electric Power from a “neutral” rating to a “buy” rating and set a $93.00 price objective on the stock in a report on Wednesday, January 20th. Edward Jones started coverage on American Electric Power in a report on Tuesday, March 16th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company lowered American Electric Power from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $101.00 to $88.00 in a research note on Wednesday, January 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. American Electric Power currently has a consensus rating of “Buy” and an average price target of $92.33.
American Electric Power (NASDAQ:AEP) last posted its quarterly earnings results on Wednesday, February 24th. The company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.08. American Electric Power had a return on equity of 10.19% and a net margin of 12.82%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The firm’s quarterly revenue was up .0% on a year-over-year basis. Sell-side analysts forecast that American Electric Power Company, Inc. will post 4.33 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 10th. Stockholders of record on Wednesday, February 10th were issued a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Tuesday, February 9th. American Electric Power’s payout ratio is 69.81%.
In other American Electric Power news, Director J Barnie Beasley sold 2,048 shares of the business’s stock in a transaction on Monday, March 1st. The shares were sold at an average price of $76.71, for a total transaction of $157,102.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas K. Akins sold 66,483 shares of the business’s stock in a transaction on Friday, February 26th. The stock was sold at an average price of $76.24, for a total transaction of $5,068,663.92. Following the sale, the chief executive officer now directly owns 187,288 shares in the company, valued at approximately $14,278,837.12. The disclosure for this sale can be found here. Insiders sold a total of 118,935 shares of company stock valued at $9,204,606 in the last 90 days. 0.16% of the stock is owned by corporate insiders.
American Electric Power Company Profile
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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