Raymond James & Associates Decreases Holdings in American Electric Power Company Inc (AEP)
Raymond James & Associates trimmed its position in American Electric Power Company Inc (NYSE:AEP) by 16.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 799,449 shares of the utilities provider’s stock after selling 159,408 shares during the quarter. Raymond James & Associates’ holdings in American Electric Power were worth $66,954,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Everence Capital Management Inc. grew its holdings in shares of American Electric Power by 52.7% during the 1st quarter. Everence Capital Management Inc. now owns 23,310 shares of the utilities provider’s stock worth $1,952,000 after purchasing an additional 8,040 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of American Electric Power by 28.1% during the 1st quarter. CIBC Asset Management Inc now owns 91,417 shares of the utilities provider’s stock worth $7,656,000 after purchasing an additional 20,059 shares in the last quarter. Next Capital Management LLC acquired a new stake in shares of American Electric Power during the 1st quarter worth $78,000. Teacher Retirement System of Texas grew its holdings in shares of American Electric Power by 688.4% during the 1st quarter. Teacher Retirement System of Texas now owns 53,168 shares of the utilities provider’s stock worth $4,453,000 after purchasing an additional 46,424 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of American Electric Power by 17.6% during the 1st quarter. Toronto Dominion Bank now owns 320,549 shares of the utilities provider’s stock worth $26,839,000 after purchasing an additional 48,062 shares in the last quarter. 73.99% of the stock is currently owned by hedge funds and other institutional investors.
In other American Electric Power news, VP Brian X. Tierney sold 4,392 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $86.02, for a total value of $377,799.84. Following the completion of the transaction, the vice president now directly owns 39,449 shares in the company, valued at $3,393,402.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas K. Akins sold 11,152 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $84.94, for a total value of $947,250.88. The disclosure for this sale can be found here. Insiders sold 17,047 shares of company stock valued at $1,454,023 over the last quarter. Corporate insiders own 0.16% of the company’s stock.
American Electric Power (NYSE:AEP) last posted its earnings results on Thursday, April 25th. The utilities provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.10 by $0.09. The firm had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.23 billion. American Electric Power had a return on equity of 10.81% and a net margin of 12.64%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $0.96 earnings per share. On average, analysts anticipate that American Electric Power Company Inc will post 4.13 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be given a $0.67 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.68 annualized dividend and a yield of 3.13%. American Electric Power’s dividend payout ratio is presently 67.85%.
Several research firms have recently issued reports on AEP. Morgan Stanley lowered American Electric Power from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $86.00 to $83.20 in a report on Thursday, April 18th. Zacks Investment Research lowered American Electric Power from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. JPMorgan Chase & Co. raised American Electric Power from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $78.00 to $88.00 in a report on Tuesday, March 12th. Goldman Sachs Group lowered American Electric Power from a “buy” rating to a “neutral” rating and set a $78.00 target price on the stock. in a report on Monday, April 8th. Finally, UBS Group raised their price objective on American Electric Power from $89.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. American Electric Power presently has a consensus rating of “Buy” and an average target price of $81.33.
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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