Perigon Wealth Management LLC cut its position in shares of American Electric Power Company Inc (NYSE:AEP) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,802 shares of the utilities provider’s stock after selling 122 shares during the quarter. Perigon Wealth Management LLC’s holdings in American Electric Power were worth $223,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of AEP. Eagle Asset Management Inc. acquired a new position in American Electric Power during the first quarter worth $80,306,000. Zimmer Partners LP purchased a new position in American Electric Power during the first quarter worth $75,933,000. Ceredex Value Advisors LLC purchased a new position in American Electric Power during the first quarter worth $73,199,000. Macquarie Group Ltd. increased its position in American Electric Power by 227.3% during the fourth 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 in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in American Electric Power by 147.8% during the first quarter. Canada Pension Plan Investment Board now owns 1,013,293 shares of the utilities provider’s stock worth $81,043,000 after buying an additional 604,303 shares in the last quarter. 74.57% of the stock is owned by hedge funds and other institutional investors.
Shares of AEP opened at $86.88 on Friday. The stock’s 50-day moving average is $83.21 and its two-hundred day moving average is $87.41. The stock has a market cap of $43.06 billion, a PE ratio of 21.29, a P/E/G ratio of 3.56 and a beta of 0.36. American Electric Power Company Inc has a 12 month low of $65.14 and a 12 month high of $104.97. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.45 and a quick ratio of 0.35.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be paid 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 presently 66.04%.
In related news, EVP Mark C. Mccullough sold 2,244 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $81.19, for a total value of $182,190.36. Following the transaction, the executive vice president now owns 10,530 shares in the company, valued at $854,930.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas K. Akins sold 16,519 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $81.90, for a total value of $1,352,906.10. Following the completion of the transaction, the chief executive officer now owns 134,743 shares in the company, valued at approximately $11,035,451.70. The disclosure for this sale can be found here. Insiders own 0.16% of the company’s stock.
A number of equities research analysts have recently commented on the company. Bank of America downgraded American Electric Power from a “buy” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Friday, May 15th. UBS Group lifted their price objective on American Electric Power from $90.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Seaport Global Securities assumed coverage on American Electric Power in a research report on Wednesday, May 20th. They issued a “buy” rating and a $86.00 price objective for the company. Mizuho reaffirmed a “hold” rating and issued a $76.00 price objective on shares of American Electric Power in a research report on Tuesday, April 7th. Finally, Evercore ISI raised American Electric Power from an “in-line” rating to an “outperform” rating and lowered their price objective for the company from $103.00 to $95.00 in a research report on Monday, April 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $96.17.
American Electric Power Company 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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