Joseph Group Capital Management increased its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP – Free Report) by 16.2% during the third quarter, HoldingsChannel reports. The fund owned 45,442 shares of the company’s stock after buying an additional 6,327 shares during the period. Joseph Group Capital Management’s holdings in American Electric Power were worth $5,391,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of American Electric Power in the second quarter valued at about $6,980,601,000. Wellington Management Group LLP boosted its holdings in American Electric Power by 5.4% during the second quarter. Wellington Management Group LLP now owns 13,872,005 shares of the company’s stock worth $1,897,829,000 after buying an additional 715,613 shares in the last quarter. Bank of America Corp DE purchased a new stake in American Electric Power during the second quarter worth about $1,678,638,000. GQG Partners LLC acquired a new position in American Electric Power during the second quarter worth about $1,404,094,000. Finally, Legal & General Group Plc acquired a new position in American Electric Power during the second quarter worth about $680,638,000. Hedge funds and other institutional investors own 75.24% of the company’s stock.
Insider Activity at American Electric Power
In other news, CAO Kate Dixon sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $125.00, for a total value of $250,000.00. Following the sale, the chief accounting officer directly owned 15,856 shares in the company, valued at $1,982,000. This represents a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.05% of the stock is owned by corporate insiders.
American Electric Power Trading Up 1.4%
NASDAQ:AEP opened at $128.33 on Tuesday. American Electric Power Company, Inc. has a 52-week low of $112.54 and a 52-week high of $140.58. The company has a quick ratio of 0.40, a current ratio of 0.51 and a debt-to-equity ratio of 1.46. The stock has a fifty day simple moving average of $124.09 and a 200-day simple moving average of $128.23. The company has a market capitalization of $69.88 billion, a PE ratio of 20.73, a price-to-earnings-growth ratio of 2.65 and a beta of 0.46.
American Electric Power (NASDAQ:AEP – Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.19. American Electric Power had a net margin of 14.21% and a return on equity of 10.52%. The firm had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.55 billion. During the same period in the prior year, the company earned $1.80 EPS. The firm’s revenue was up 13.7% on a year-over-year basis. On average, equities research analysts expect that American Electric Power Company, Inc. will post 6.44 earnings per share for the current fiscal year.
American Electric Power Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Tuesday, November 10th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 3.0%. This is a boost from American Electric Power’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Tuesday, November 10th. American Electric Power’s payout ratio is currently 61.39%.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on AEP shares. Citigroup dropped their target price on shares of American Electric Power from $148.00 to $142.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. UBS Group set a $135.00 price target on American Electric Power in a research note on Monday, October 19th. Weiss Ratings reissued a “buy (b)” rating on shares of American Electric Power in a research note on Thursday, August 27th. Morgan Stanley upped their price target on American Electric Power from $128.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. Finally, Scotiabank dropped their price objective on American Electric Power from $140.00 to $131.00 and set a “sector perform” rating for the company in a research note on Wednesday, September 30th. Sixteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $139.83.
Get Our Latest Research Report on AEP
American Electric Power Company Profile
American Electric Power Company, Inc (NASDAQ:AEP) is an electric utility holding company based in Columbus, Ohio. Through its regulated utility subsidiaries, it generates or purchases electricity and delivers power to residential, commercial and industrial customers.
AEP’s operations include electric generation, transmission and distribution, with service territories across 11 states: Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
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