State of Alaska Department of Revenue reduced its position in American Electric Power Company, Inc. (NYSE:AEP) by 12.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,040 shares of the utilities provider’s stock after selling 1,160 shares during the period. State of Alaska Department of Revenue’s holdings in American Electric Power were worth $558,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the company. Brookfield Asset Management Inc. acquired a new position in shares of American Electric Power during the first quarter worth about $56,864,000. TNB Financial acquired a new position in shares of American Electric Power during the first quarter worth about $2,377,000. Peapack Gladstone Financial Corp raised its position in shares of American Electric Power by 2.5% in the first quarter. Peapack Gladstone Financial Corp now owns 8,295 shares of the utilities provider’s stock worth $557,000 after buying an additional 200 shares during the period. Point72 Asia Hong Kong Ltd purchased a new position in shares of American Electric Power during the first quarter worth about $105,000. Finally, Cambridge Trust Co. raised its position in shares of American Electric Power by 60.3% in the first quarter. Cambridge Trust Co. now owns 6,340 shares of the utilities provider’s stock worth $426,000 after buying an additional 2,385 shares during the last quarter. 70.77% of the stock is owned by institutional investors and hedge funds.
American Electric Power Company, Inc. (NYSE AEP) traded up 0.22% during trading on Friday, reaching $72.16. 2,871,369 shares of the company’s stock traded hands. The firm has a market cap of $35.49 billion, a PE ratio of 62.10 and a beta of 0.30. American Electric Power Company, Inc. has a 12 month low of $57.89 and a 12 month high of $72.97. The firm has a 50 day moving average price of $70.00 and a 200-day moving average price of $68.41.
American Electric Power (NYSE:AEP) last released its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.82 by $0.07. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.70 billion. American Electric Power had a return on equity of 10.32% and a net margin of 3.60%. During the same quarter in the prior year, the firm earned $0.95 earnings per share. On average, analysts forecast that American Electric Power Company, Inc. will post $3.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.59 per share. The ex-dividend date is Tuesday, August 8th. This represents a $2.36 annualized dividend and a dividend yield of 3.27%. American Electric Power’s dividend payout ratio is presently 203.45%.
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A number of brokerages have recently commented on AEP. Goldman Sachs Group, Inc. (The) downgraded American Electric Power from a “buy” rating to a “neutral” rating and increased their price objective for the company from $68.00 to $70.00 in a research report on Monday, June 26th. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price objective on shares of American Electric Power in a research report on Wednesday, August 2nd. Jefferies Group LLC increased their price objective on American Electric Power from $68.00 to $70.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Morgan Stanley increased their price objective on American Electric Power from $71.00 to $73.00 and gave the company an “equal weight” rating in a research report on Thursday, August 10th. Finally, BidaskClub downgraded American Electric Power from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $72.17.
About American Electric Power
American Electric Power Company, Inc (AEP) is a public utility holding company that owns, directly or indirectly, all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries. The service areas of the Company’s public utility subsidiaries cover the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
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