New England Professional Planning Group Inc. bought a new position in shares of American Electric Power Company, Inc. (NASDAQ:AEP – Get Rating) during the 1st quarter, Holdings Channel reports. The institutional investor bought 655 shares of the company’s stock, valued at approximately $389,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in American Electric Power during the fourth quarter worth approximately $354,042,000. BlackRock Inc. increased its position in American Electric Power by 4.8% during the fourth quarter. BlackRock Inc. now owns 41,461,321 shares of the company’s stock worth $3,688,814,000 after buying an additional 1,910,807 shares during the period. Marshall Wace LLP increased its position in American Electric Power by 1,477.3% during the fourth quarter. Marshall Wace LLP now owns 1,066,861 shares of the company’s stock worth $94,919,000 after buying an additional 999,221 shares during the period. Goldman Sachs Group Inc. increased its position in American Electric Power by 32.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,493,365 shares of the company’s stock worth $310,805,000 after buying an additional 863,190 shares during the period. Finally, Invesco Ltd. increased its position in American Electric Power by 11.0% during the fourth quarter. Invesco Ltd. now owns 8,188,478 shares of the company’s stock worth $728,529,000 after buying an additional 811,843 shares during the period. 73.26% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Therace Risch sold 5,330 shares of the stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $102.35, for a total transaction of $545,525.50. Following the sale, the executive vice president now directly owns 8,248 shares in the company, valued at approximately $844,182.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Charles E. Zebula sold 1,902 shares of the stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $99.05, for a total value of $188,393.10. Following the sale, the executive vice president now owns 18,134 shares in the company, valued at $1,796,172.70. The disclosure for this sale can be found here. Insiders sold 23,995 shares of company stock valued at $2,412,657 over the last quarter. Insiders own 0.12% of the company’s stock.
American Electric Power (NASDAQ:AEP – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. American Electric Power had a return on equity of 10.65% and a net margin of 15.34%. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the previous year, the firm posted $1.15 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, analysts predict that American Electric Power Company, Inc. will post 4.99 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 10th. Investors of record on Tuesday, May 10th were paid a $0.78 dividend. The ex-dividend date was Monday, May 9th. This represents a $3.12 annualized dividend and a yield of 3.25%. American Electric Power’s payout ratio is currently 59.66%.
Several brokerages have weighed in on AEP. Seaport Res Ptn downgraded American Electric Power from a “buy” rating to a “neutral” rating in a research note on Monday, March 14th. Royal Bank of Canada lifted their target price on American Electric Power from $101.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, March 7th. StockNews.com started coverage on American Electric Power in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Credit Suisse Group started coverage on American Electric Power in a research note on Monday, April 25th. They issued an “outperform” rating and a $113.00 price target on the stock. Finally, Morgan Stanley decreased their price target on American Electric Power from $113.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, June 23rd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.98.
About American Electric Power (Get Rating)
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.
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