Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP – Free Report) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 429,513 shares of the company’s stock after selling 10,097 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.08% of American Electric Power worth $36,165,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Shelton Capital Management raised its holdings in American Electric Power by 4.1% during the 2nd quarter. Shelton Capital Management now owns 45,571 shares of the company’s stock worth $3,837,000 after purchasing an additional 1,795 shares during the last quarter. Boston Partners increased its position in shares of American Electric Power by 0.6% during the second quarter. Boston Partners now owns 2,753,882 shares of the company’s stock worth $231,852,000 after buying an additional 16,347 shares during the period. JGP Wealth Management LLC raised its stake in American Electric Power by 4.1% during the second quarter. JGP Wealth Management LLC now owns 17,622 shares of the company’s stock worth $1,484,000 after buying an additional 699 shares during the last quarter. Wealth Quarterback LLC lifted its holdings in American Electric Power by 18.9% in the second quarter. Wealth Quarterback LLC now owns 2,615 shares of the company’s stock valued at $220,000 after buying an additional 415 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in American Electric Power by 12.6% during the second quarter. Russell Investments Group Ltd. now owns 141,014 shares of the company’s stock valued at $11,869,000 after acquiring an additional 15,780 shares during the last quarter. 74.68% of the stock is owned by institutional investors.
American Electric Power Stock Up 0.0 %
AEP stock opened at $77.39 on Monday. The firm has a market capitalization of $40.70 billion, a PE ratio of 17.75, a P/E/G ratio of 3.00 and a beta of 0.49. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.45. American Electric Power Company, Inc. has a twelve month low of $69.38 and a twelve month high of $100.32. The stock’s 50 day moving average is $76.38 and its 200-day moving average is $80.86.
American Electric Power Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend is Thursday, November 9th. This is an increase from American Electric Power’s previous quarterly dividend of $0.83. American Electric Power’s payout ratio is presently 80.73%.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on AEP shares. JPMorgan Chase & Co. dropped their price objective on American Electric Power from $96.00 to $90.00 and set an “overweight” rating on the stock in a research note on Thursday, October 12th. Cfra reduced their price objective on shares of American Electric Power from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, September 18th. Bank of America lowered their price objective on shares of American Electric Power from $91.00 to $77.00 in a research note on Thursday, October 12th. Royal Bank of Canada cut their target price on shares of American Electric Power from $103.00 to $89.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 6th. Finally, Morgan Stanley decreased their price target on shares of American Electric Power from $97.00 to $93.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $91.37.
American Electric Power 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.
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