Summit Financial LLC Has $936,000 Stake in American Electric Power Company, Inc. (NASDAQ:AEP)

Summit Financial LLC lifted its holdings in American Electric Power Company, Inc. (NASDAQ:AEP) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,875 shares of the company’s stock after buying an additional 257 shares during the period. Summit Financial LLC’s holdings in American Electric Power were worth $936,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AEP. Principal Financial Group Inc. boosted its stake in shares of American Electric Power by 3.1% in the 3rd quarter. Principal Financial Group Inc. now owns 622,387 shares of the company’s stock worth $46,816,000 after buying an additional 18,628 shares during the last quarter. Private Advisor Group LLC lifted its stake in American Electric Power by 6.6% in the third quarter. Private Advisor Group LLC now owns 52,139 shares of the company’s stock valued at $3,922,000 after purchasing an additional 3,243 shares during the last quarter. US Bancorp DE lifted its stake in American Electric Power by 1.4% in the third quarter. US Bancorp DE now owns 241,824 shares of the company’s stock valued at $18,190,000 after purchasing an additional 3,401 shares during the last quarter. MGO One Seven LLC lifted its stake in American Electric Power by 2.8% in the third quarter. MGO One Seven LLC now owns 10,098 shares of the company’s stock valued at $760,000 after purchasing an additional 278 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its stake in American Electric Power by 5.2% in the third quarter. Corient Private Wealth LLC now owns 155,981 shares of the company’s stock valued at $11,727,000 after purchasing an additional 7,721 shares during the last quarter. Hedge funds and other institutional investors own 75.24% of the company’s stock.

Analyst Upgrades and Downgrades

AEP has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on American Electric Power from $84.00 to $89.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. Royal Bank of Canada upped their price objective on American Electric Power from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. LADENBURG THALM/SH SH downgraded American Electric Power from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $75.50 to $73.00 in a research note on Friday, March 8th. StockNews.com raised shares of American Electric Power from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, BMO Capital Markets boosted their target price on shares of American Electric Power from $95.00 to $99.00 and gave the company an “outperform” rating in a report on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, American Electric Power currently has a consensus rating of “Hold” and a consensus target price of $88.43.

American Electric Power Price Performance

Shares of American Electric Power stock traded down $2.20 during trading on Thursday, hitting $89.28. The stock had a trading volume of 2,182,672 shares, compared to its average volume of 3,583,623. The firm has a market cap of $47.06 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 2.74 and a beta of 0.50. American Electric Power Company, Inc. has a 12 month low of $69.38 and a 12 month high of $93.44. The business’s 50-day moving average is $86.22 and its 200 day moving average is $82.38. The company has a current ratio of 0.54, a quick ratio of 0.37 and a debt-to-equity ratio of 1.50.

American Electric Power (NASDAQ:AEP) last released its quarterly earnings results on Tuesday, April 30th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.02. The firm had revenue of $5 billion for the quarter, compared to analysts’ expectations of $5.02 billion. American Electric Power had a net margin of 14.60% and a return on equity of 11.23%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 earnings per share. As a group, sell-side analysts anticipate that American Electric Power Company, Inc. will post 5.58 earnings per share for the current year.

American Electric Power Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be given a $0.88 dividend. The ex-dividend date is Thursday, May 9th. This represents a $3.52 annualized dividend and a yield of 3.94%. American Electric Power’s dividend payout ratio (DPR) is presently 65.31%.

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.