Salem Investment Counselors Inc. lowered its holdings in American Electric Power Company, Inc. (NASDAQ: AEP – Get Rating) by 4.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,327 shares of the company stock after selling 220 shares during the quarter. Salem Investment Counselors Inc.’s holdings in American Electric Power were worth $ 474,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Peapack Gladstone Financial Corp grew its holdings in American Electric Power by 212.3% in the 4th quarter. Peapack Gladstone Financial Corp now owns 34,799 shares of the company stock valued at $ 3,097,000 after buying an additional 23,656 shares during the last quarter. Graham Capital Wealth Management LLC acquired a new stake in shares of American Electric Power during the 4th quarter worth approximately $ 2,112,000. Glenmede Trust Co. NA grew its holdings in shares of American Electric Power by 392.6% during the 4th quarter. Glenmede Trust Co. NA now owns 206,904 shares of the company stock worth $ 18,407,000 after purchasing an additional 164,903 shares in the last quarter. Metropolitan Life Insurance Co NY grew its holdings in shares of American Electric Power by 17.6% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 57,510 shares of the company stock worth $ 5,117,000 after purchasing an additional 8,625 shares in the last quarter. Finally, Zacks Investment Management grew its holdings in shares of American Electric Power by 22.8% during the 4th quarter. Zacks Investment Management now owns 215,065 shares of the company stock worth $ 19,134,000 after purchasing an additional 39,953 shares in the last quarter. 73.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AEP opened at $ 93.01 on Tuesday. The company has a market cap of $ 47.76 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 3.16 and a beta of 0.34. American Electric Power Company, Inc. has a 52-week low of $ 80.22 and a 52-week high of $ 104.81. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a fifty day moving average price of $ 100.83 and a two-hundred day moving average price of $ 94.02.
American Electric Power (NASDAQ: AEP – Get Rating) last released its earnings results on Thursday, April 28th. The company reported $ 1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $ 1.19 by $ 0.03. The company had revenue of $ 4.60 billion during the quarter, compared to the estimate consensus of $ 4.37 billion. American Electric Power had a return on equity of 10.65% and a net margin of 15.34%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $ 1.15 earnings per share. As a group, research analysts predict that American Electric Power Company, Inc. will post 5.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 10th. Stockholders of record on Tuesday, May 10th were given a dividend of $ 0.78 per share. The ex-dividend date was Monday, May 9th. This represents a $ 3.12 dividend on an annualized basis and a dividend yield of 3.35%. American Electric Power’s payout ratio is currently 59.66%.
In related news, EVP Therace Risch sold 5,330 shares of American Electric Power stock in a transaction on Monday, June 6th. The stock was sold at an average price of $ 102.35, for a total transaction of $ 545,525.50. Following the completion of the sale, the executive vice president now directly owns 8,248 shares of the company stock, valued at $ 844,182.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Lisa M. Barton sold 8,612 shares of American Electric Power stock in a transaction on Thursday, May 5th. The stock was sold at an average price of $ 100.15, for a total value of $ 862,491.80. Following the sale, the chief operating officer now directly owns 13,712 shares of the company stock, valued at $ 1,373,256.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,995 shares of company stock valued at $ 2,412,657. 0.12% of the stock is currently owned by corporate insiders.
AEP has been the subject of several analyst reports. Royal Bank of Canada raised their target price on American Electric Power from $ 101.00 to $ 106.00 and gave the stock an “outperform” rating in a research report on Monday, March 7th. Seaport Res Ptn downgraded American Electric Power from a “buy” rating to a “neutral” rating in a research report on Monday, March 14th. Mizuho raised their target price on American Electric Power from $ 94.00 to $ 104.00 and gave the stock a “buy” rating in a research report on Tuesday, March 29th. Credit Suisse Group initiated coverage on American Electric Power in a research report on Monday, April 25th. They set an “outperform” rating and a $ 113.00 target price for the company. Finally, Wells Fargo & Company upgraded American Electric Power from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $ 93.00 to $ 101.00 in a research report on Monday, February 28th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $ 103.98.
About American Electric Power: (Get Rating)
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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