Stock Yards Bank & Trust Co. purchased a new position in American Electric Power Company, Inc. (NYSE:AEP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,925 shares of the utilities provider’s stock, valued at approximately $204,000.
A number of other hedge funds have also recently added to or reduced their stakes in AEP. BlackRock Inc. increased its stake in American Electric Power by 2,394.3% in the first quarter. BlackRock Inc. now owns 33,819,821 shares of the utilities provider’s stock worth $2,270,326,000 after buying an additional 32,463,953 shares in the last quarter. Vanguard Group Inc. increased its stake in American Electric Power by 3.4% in the first quarter. Vanguard Group Inc. now owns 34,128,589 shares of the utilities provider’s stock worth $2,291,051,000 after buying an additional 1,124,366 shares in the last quarter. Wells Fargo & Company MN increased its stake in American Electric Power by 16.2% in the first quarter. Wells Fargo & Company MN now owns 7,668,864 shares of the utilities provider’s stock worth $514,810,000 after buying an additional 1,069,388 shares in the last quarter. Bank of Montreal Can increased its stake in American Electric Power by 47.4% in the first quarter. Bank of Montreal Can now owns 3,228,569 shares of the utilities provider’s stock worth $216,733,000 after buying an additional 1,037,813 shares in the last quarter. Finally, Brookfield Asset Management Inc. purchased a new stake in American Electric Power during the first quarter worth about $56,864,000. 70.83% of the stock is owned by institutional investors and hedge funds.
American Electric Power Company, Inc. (AEP) opened at 70.56 on Friday. American Electric Power Company, Inc. has a 12-month low of $57.89 and a 12-month high of $72.97. The stock has a market cap of $34.70 billion, a P/E ratio of 60.72 and a beta of 0.30. The firm’s 50 day moving average price is $69.86 and its 200-day moving average price is $68.09.
American Electric Power (NYSE:AEP) last issued its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by $0.07. American Electric Power had a return on equity of 10.32% and a net margin of 3.60%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same period in the previous year, the business posted $0.95 earnings per share. Equities research analysts anticipate that American Electric Power Company, Inc. will post $3.66 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 10th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Tuesday, August 8th. American Electric Power’s dividend payout ratio (DPR) is 203.45%.
Several brokerages have recently weighed in on AEP. BidaskClub lowered American Electric Power from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) lowered American Electric Power from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $68.00 to $70.00 in a research note on Monday, June 26th. Morgan Stanley lifted their price target on American Electric Power from $71.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Thursday. BMO Capital Markets reaffirmed an “outperform” rating and set a $75.00 price target (up previously from $73.00) on shares of American Electric Power in a research note on Friday, July 28th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $71.00 price target on shares of American Electric Power in a research note on Wednesday, August 2nd. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $72.17.
In related news, insider Paul Chodak III sold 1,110 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $68.20, for a total value of $75,702.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.15% of the stock is owned by company insiders.
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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