Investment Management of Virginia LLC reduced its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP) by 1.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,933 shares of the company’s stock after selling 192 shares during the quarter. Investment Management of Virginia LLC’s holdings in American Electric Power were worth $1,517,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Winslow Asset Management Inc. increased its stake in American Electric Power by 2.3% in the 2nd quarter. Winslow Asset Management Inc. now owns 59,751 shares of the company’s stock worth $5,054,000 after purchasing an additional 1,336 shares in the last quarter. River Road Asset Management LLC increased its position in shares of American Electric Power by 616.6% during the second quarter. River Road Asset Management LLC now owns 390,482 shares of the company’s stock valued at $33,031,000 after purchasing an additional 335,994 shares during the period. Mercer Global Advisors Inc. ADV grew its position in American Electric Power by 17.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 23,206 shares of the company’s stock valued at $1,963,000 after acquiring an additional 3,371 shares during the period. Principal Financial Group Inc. grew its position in American Electric Power by 2.4% in the second quarter. Principal Financial Group Inc. now owns 593,316 shares of the company’s stock valued at $50,189,000 after acquiring an additional 13,845 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its position in American Electric Power by 2.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 112,532 shares of the company’s stock valued at $9,519,000 after acquiring an additional 2,763 shares during the period. 73.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on AEP. Barclays upped their price target on American Electric Power from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, May 25th. Bank of America upgraded American Electric Power from a “neutral” rating to a “buy” rating and set a $86.88 price target on the stock in a research report on Monday, July 26th. Morgan Stanley upped their price target on American Electric Power from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 19th. Finally, Wells Fargo & Company reduced their price objective on American Electric Power from $96.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Friday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, American Electric Power has an average rating of “Buy” and an average target price of $95.21.
American Electric Power (NASDAQ:AEP) last posted its quarterly earnings results on Wednesday, July 21st. The company reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.04. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $4.05 billion. American Electric Power had a return on equity of 11.02% and a net margin of 14.78%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $1.08 earnings per share. On average, equities analysts predict that American Electric Power Company, Inc. will post 4.7 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 10th. Shareholders of record on Tuesday, August 10th were paid a $0.74 dividend. The ex-dividend date of this dividend was Monday, August 9th. This represents a $2.96 dividend on an annualized basis and a yield of 3.38%. American Electric Power’s dividend payout ratio is 66.67%.
In other news, CEO Nicholas K. Akins sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $89.76, for a total value of $188,496.00. Following the completion of the sale, the chief executive officer now directly owns 98,672 shares of the company’s stock, valued at $8,856,798.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.
American Electric Power Company Profile
American Electric Power Co, Inc engages in the business of generation, transmission and distribution of electricity. It operates through the following segments: Vertically Integrated Utilities, Transmission & Distribution Utilities, AEP Transmission Holdco and Generation & Marketing. The Vertically Integrated Utilities segment engages in the generation, transmission and distribution of electricity for sale to retail and wholesale customers through assets owned and operated by its subsidiaries.
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