Summit Financial Group Inc. Decreases Holdings in American Electric Power Company, Inc. (NASDAQ:AEP)

Summit Financial Group Inc. reduced its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEPFree Report) by 11.6% in the 1st quarter, HoldingsChannel reports. The firm owned 12,039 shares of the company’s stock after selling 1,587 shares during the quarter. Summit Financial Group Inc.’s holdings in American Electric Power were worth $1,037,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of AEP. Frazier Financial Advisors LLC acquired a new position in American Electric Power in the 4th quarter valued at $26,000. Wetzel Investment Advisors Inc. purchased a new stake in American Electric Power during the 4th quarter worth $32,000. GoalVest Advisory LLC boosted its position in American Electric Power by 304.8% during the 4th quarter. GoalVest Advisory LLC now owns 425 shares of the company’s stock worth $35,000 after purchasing an additional 320 shares during the period. Northwest Financial Advisors purchased a new position in American Electric Power in the 4th quarter valued at about $41,000. Finally, United Community Bank purchased a new position in American Electric Power in the 4th quarter valued at about $41,000. 75.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AEP. Wells Fargo & Company increased their price target on shares of American Electric Power from $84.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 1st. Cfra reaffirmed a “buy” rating and set a $92.00 price target (up previously from $90.00) on shares of American Electric Power in a research report on Tuesday, February 27th. Barclays increased their price target on shares of American Electric Power from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Morgan Stanley increased their price target on shares of American Electric Power from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Finally, LADENBURG THALM/SH SH raised shares of American Electric Power from a “sell” rating to a “neutral” rating and increased their price target for the stock from $73.00 to $86.00 in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, American Electric Power has a consensus rating of “Hold” and a consensus price target of $88.92.

View Our Latest Report on American Electric Power

Insider Buying and Selling

In related news, EVP Greg B. Hall sold 5,880 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $88.25, for a total transaction of $518,910.00. Following the completion of the sale, the executive vice president now directly owns 6,385 shares in the company, valued at $563,476.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Greg B. Hall sold 5,880 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $88.25, for a total value of $518,910.00. Following the completion of the transaction, the executive vice president now owns 6,385 shares of the company’s stock, valued at approximately $563,476.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Antonio P. Smyth sold 4,898 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $90.00, for a total transaction of $440,820.00. Following the completion of the sale, the executive vice president now owns 6,446 shares of the company’s stock, valued at approximately $580,140. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by insiders.

American Electric Power Stock Performance

AEP traded down $0.20 on Wednesday, hitting $87.55. 1,825,997 shares of the company’s stock were exchanged, compared to its average volume of 2,320,098. The stock has a fifty day moving average of $87.91 and a two-hundred day moving average of $83.76. American Electric Power Company, Inc. has a twelve month low of $69.38 and a twelve month high of $93.44. The firm has a market cap of $46.15 billion, a PE ratio of 16.24, a P/E/G ratio of 2.60 and a beta of 0.53. The company has a current ratio of 0.54, a quick ratio of 0.37 and a debt-to-equity ratio of 1.50.

American Electric Power (NASDAQ:AEPGet Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.02. American Electric Power had a net margin of 14.60% and a return on equity of 11.23%. The business had revenue of $5 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same quarter last year, the business earned $1.11 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, research analysts anticipate that American Electric Power Company, Inc. will post 5.58 earnings per share for the current fiscal year.

American Electric Power Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 10th were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date was Thursday, May 9th. American Electric Power’s payout ratio is 65.31%.

About American Electric Power

(Free Report)

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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Institutional Ownership by Quarter for American Electric Power (NASDAQ:AEP)

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