Ingalls & Snyder LLC cut its position in American Electric Power Company Inc (NYSE:AEP) by 23.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,415 shares of the utilities provider’s stock after selling 750 shares during the period. Ingalls & Snyder LLC’s holdings in American Electric Power were worth $226,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Cobblestone Capital Advisors LLC NY boosted its holdings in American Electric Power by 144.2% during the second quarter. Cobblestone Capital Advisors LLC NY now owns 8,468 shares of the utilities provider’s stock worth $745,000 after purchasing an additional 5,000 shares during the last quarter. Achmea Investment Management B.V. bought a new stake in American Electric Power during the second quarter worth $4,049,000. Coastal Capital Group Inc. bought a new stake in American Electric Power during the second quarter worth $145,000. Corient Capital Partners LLC raised its position in American Electric Power by 7.8% during the second quarter. Corient Capital Partners LLC now owns 29,395 shares of the utilities provider’s stock worth $2,587,000 after acquiring an additional 2,135 shares in the last quarter. Finally, CWM LLC raised its position in American Electric Power by 59.9% during the second quarter. CWM LLC now owns 180,173 shares of the utilities provider’s stock worth $15,857,000 after acquiring an additional 67,464 shares in the last quarter. Hedge funds and other institutional investors own 73.77% of the company’s stock.
In other American Electric Power news, insider Charles E. Zebula sold 1,216 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $90.98, for a total transaction of $110,631.68. Following the sale, the insider now directly owns 7,420 shares in the company, valued at $675,071.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.16% of the company’s stock.
American Electric Power (NYSE:AEP) last announced its quarterly earnings data on Thursday, October 24th. The utilities provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.14. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $5.08 billion. American Electric Power had a net margin of 13.52% and a return on equity of 11.09%. During the same period in the prior year, the company posted $1.26 earnings per share. As a group, equities research analysts forecast that American Electric Power Company Inc will post 4.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. This is an increase from American Electric Power’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, November 7th. American Electric Power’s dividend payout ratio is presently 67.85%.
AEP has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of American Electric Power from $92.00 to $104.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Mizuho upped their price target on shares of American Electric Power from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. ValuEngine lowered shares of American Electric Power from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their price target on shares of American Electric Power from $91.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Wolfe Research set a $101.00 price objective on shares of American Electric Power and gave the company a “buy” rating in a research report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $95.27.
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. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.
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