American Electric Power Company, Inc. $AEP Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. trimmed its holdings in American Electric Power Company, Inc. (NASDAQ:AEP) by 5.5% during the second quarter, HoldingsChannel.com reports. The fund owned 7,932 shares of the company’s stock after selling 460 shares during the period. Sumitomo Life Insurance Co.’s holdings in American Electric Power were worth $823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of American Electric Power by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 52,269,781 shares of the company’s stock valued at $5,711,519,000 after acquiring an additional 579,175 shares during the period. Wellington Management Group LLP grew its position in American Electric Power by 24.3% in the 1st quarter. Wellington Management Group LLP now owns 22,102,537 shares of the company’s stock valued at $2,415,144,000 after buying an additional 4,323,569 shares during the last quarter. GQG Partners LLC grew its position in American Electric Power by 30.4% in the 1st quarter. GQG Partners LLC now owns 19,631,466 shares of the company’s stock valued at $2,145,130,000 after buying an additional 4,570,941 shares during the last quarter. Northern Trust Corp grew its position in American Electric Power by 8.0% in the 1st quarter. Northern Trust Corp now owns 5,237,782 shares of the company’s stock valued at $572,332,000 after buying an additional 386,518 shares during the last quarter. Finally, Nuveen LLC purchased a new position in American Electric Power in the 1st quarter valued at $568,042,000. 75.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Evercore ISI reiterated an “outperform” rating on shares of American Electric Power in a research report on Thursday. Raymond James Financial reiterated an “outperform” rating on shares of American Electric Power in a research report on Thursday. Jefferies Financial Group lifted their price objective on shares of American Electric Power from $116.00 to $128.00 and gave the company a “hold” rating in a research report on Thursday, October 16th. BTIG Research assumed coverage on shares of American Electric Power in a research report on Tuesday, October 21st. They issued a “neutral” rating on the stock. Finally, UBS Group lifted their price objective on shares of American Electric Power from $110.00 to $116.00 and gave the company a “sell” rating in a research report on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $124.50.

Insider Transactions at American Electric Power

In related news, EVP Kelly J. Ferneau sold 1,006 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $112.00, for a total value of $112,672.00. Following the sale, the executive vice president directly owned 5,676 shares of the company’s stock, valued at approximately $635,712. This represents a 15.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Benjamin G. S. Fowke III sold 5,000 shares of the stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $117.52, for a total transaction of $587,600.00. Following the completion of the sale, the director directly owned 35,898 shares in the company, valued at approximately $4,218,732.96. The trade was a 12.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 11,006 shares of company stock worth $1,243,522. 0.07% of the stock is owned by corporate insiders.

American Electric Power Price Performance

Shares of NASDAQ AEP opened at $120.26 on Monday. The firm has a market capitalization of $64.31 billion, a P/E ratio of 17.53, a PEG ratio of 3.22 and a beta of 0.48. American Electric Power Company, Inc. has a one year low of $89.91 and a one year high of $122.85. The company’s fifty day moving average is $112.95 and its two-hundred day moving average is $108.53. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.41 and a current ratio of 0.55.

American Electric Power (NASDAQ:AEP) last issued its earnings results on Wednesday, October 29th. The company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.01). The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.65 billion. American Electric Power had a return on equity of 11.29% and a net margin of 17.23%.American Electric Power’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.85 earnings per share. American Electric Power has set its FY 2025 guidance at 5.850-5.95 EPS. Analysts forecast that American Electric Power Company, Inc. will post 5.87 EPS for the current fiscal year.

American Electric Power Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, November 10th. This is a positive change from American Electric Power’s previous quarterly dividend of $0.93. American Electric Power’s dividend payout ratio is currently 55.39%.

About American Electric Power

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.