State of Michigan Retirement System raised its stake in American Electric Power Company Inc (NYSE:AEP) by 11.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,523 shares of the utilities provider’s stock after buying an additional 13,242 shares during the quarter. State of Michigan Retirement System’s holdings in American Electric Power were worth $10,076,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Verus Capital Partners LLC purchased a new stake in American Electric Power during the fourth quarter worth about $68,000. Macquarie Group Ltd. increased its stake in American Electric Power by 227.3% during the 4th quarter. Macquarie Group Ltd. now owns 1,206,926 shares of the utilities provider’s stock worth $114,067,000 after buying an additional 838,212 shares during the period. State of Alaska Department of Revenue lifted its holdings in American Electric Power by 7.7% during the 1st quarter. State of Alaska Department of Revenue now owns 204,606 shares of the utilities provider’s stock worth $16,363,000 after buying an additional 14,608 shares in the last quarter. F&V Capital Management LLC boosted its position in American Electric Power by 0.8% in the 1st quarter. F&V Capital Management LLC now owns 39,150 shares of the utilities provider’s stock valued at $3,131,000 after buying an additional 300 shares during the period. Finally, Radnor Capital Management LLC boosted its position in American Electric Power by 7.6% in the 1st quarter. Radnor Capital Management LLC now owns 9,253 shares of the utilities provider’s stock valued at $740,000 after buying an additional 650 shares during the period. 74.57% of the stock is owned by institutional investors.
AEP stock opened at $86.88 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.35 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $43.06 billion, a P/E ratio of 23.29, a PEG ratio of 3.56 and a beta of 0.36. The business has a 50 day simple moving average of $83.21 and a 200-day simple moving average of $87.41. American Electric Power Company Inc has a twelve month low of $65.14 and a twelve month high of $104.97.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Friday, August 7th. American Electric Power’s dividend payout ratio is currently 66.04%.
A number of research analysts recently issued reports on AEP shares. UBS Group lifted their target price on American Electric Power from $90.00 to $98.00 and gave the company a “buy” rating in a report on Friday, June 5th. Morgan Stanley raised their target price on shares of American Electric Power from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Seaport Global Securities initiated coverage on shares of American Electric Power in a research note on Wednesday, May 20th. They issued a “buy” rating and a $86.00 price target for the company. Bank of America downgraded shares of American Electric Power from a “buy” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research report on Friday, May 15th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $92.00 price objective on shares of American Electric Power in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $96.17.
In other news, CEO Nicholas K. Akins sold 16,519 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $81.90, for a total transaction of $1,352,906.10. Following the completion of the sale, the chief executive officer now owns 134,743 shares in the company, valued at $11,035,451.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark C. Mccullough sold 2,244 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $81.19, for a total value of $182,190.36. Following the sale, the executive vice president now owns 10,530 shares of the company’s stock, valued at approximately $854,930.70. The disclosure for this sale can be found here. Insiders own 0.16% of the company’s stock.
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. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.
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