Rithm Capital Corp. boosted its position in American Electric Power Company, Inc. (NASDAQ:AEP – Free Report) by 183.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 8,500 shares of the company’s stock after acquiring an additional 5,500 shares during the quarter. American Electric Power makes up approximately 1.7% of Rithm Capital Corp.’s investment portfolio, making the stock its 22nd largest holding. Rithm Capital Corp.’s holdings in American Electric Power were worth $1,114,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC grew its position in shares of American Electric Power by 7.2% in the first quarter. Empowered Funds LLC now owns 93,253 shares of the company’s stock valued at $12,224,000 after purchasing an additional 6,237 shares during the last quarter. Energy Income Partners LLC lifted its position in shares of American Electric Power by 14.8% during the 1st quarter. Energy Income Partners LLC now owns 910,078 shares of the company’s stock worth $119,293,000 after purchasing an additional 117,525 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of American Electric Power by 8.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,206,666 shares of the company’s stock worth $158,170,000 after purchasing an additional 98,699 shares during the last quarter. Excelsior Advisor Network LLC boosted its stake in American Electric Power by 96.0% during the 1st quarter. Excelsior Advisor Network LLC now owns 8,534 shares of the company’s stock valued at $1,119,000 after purchasing an additional 4,179 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in American Electric Power by 15.6% during the 1st quarter. Quantinno Capital Management LP now owns 366,049 shares of the company’s stock valued at $47,982,000 after purchasing an additional 49,361 shares during the period. Institutional investors own 75.24% of the company’s stock.
American Electric Power Stock Down 1.4%
NASDAQ AEP opened at $133.59 on Tuesday. American Electric Power Company, Inc. has a twelve month low of $105.70 and a twelve month high of $140.58. The stock has a market cap of $72.69 billion, a PE ratio of 19.62, a PEG ratio of 2.43 and a beta of 0.52. The firm has a 50-day simple moving average of $131.81 and a 200 day simple moving average of $129.46. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.39 and a current ratio of 0.53.
American Electric Power Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, August 10th. American Electric Power’s dividend payout ratio (DPR) is presently 55.80%.
Analyst Ratings Changes
A number of analysts have issued reports on the company. Morgan Stanley raised their target price on American Electric Power from $136.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. LADENBURG THALM/SH SH cut their price target on American Electric Power from $148.00 to $143.00 and set a “buy” rating for the company in a report on Thursday, June 18th. BMO Capital Markets reduced their price objective on American Electric Power from $141.00 to $139.00 and set a “market perform” rating for the company in a research report on Wednesday, July 22nd. Wells Fargo & Company raised their price objective on shares of American Electric Power from $144.00 to $148.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, The Goldman Sachs Group boosted their target price on shares of American Electric Power from $141.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Thirteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $141.71.
View Our Latest Stock Analysis on AEP
American Electric Power Profile
American Electric Power (NASDAQ: AEP) is a major investor-owned electric utility headquartered in Columbus, Ohio. The company is primarily engaged in the generation, transmission and distribution of electricity, operating a diverse portfolio of power plants and an extensive high-voltage transmission network. AEP serves retail customers through its regulated utility subsidiaries and provides wholesale power and grid services across multiple regional markets in the United States.
Operations span the full utility value chain: AEP owns and operates generation assets that include fossil-fuel, natural gas, nuclear and hydropower facilities, and it has been adding renewable resources to its mix.
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