Hartford Financial Management Inc. lowered its stake in shares of American Electric Power Company Inc (NYSE:AEP) by 8.0% in the second quarter, HoldingsChannel reports. The fund owned 5,766 shares of the utilities provider’s stock after selling 500 shares during the quarter. Hartford Financial Management Inc.’s holdings in American Electric Power were worth $507,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Truvestments Capital LLC acquired a new stake in shares of American Electric Power during the 1st quarter valued at about $28,000. IMA Wealth Inc. bought a new position in shares of American Electric Power in the 2nd quarter valued at approximately $30,000. JJJ Advisors Inc. purchased a new position in American Electric Power in the second quarter valued at approximately $31,000. Glassman Wealth Services lifted its position in shares of American Electric Power by 138.0% during the first quarter. Glassman Wealth Services now owns 388 shares of the utilities provider’s stock worth $32,000 after acquiring an additional 225 shares in the last quarter. Finally, Weaver Consulting Group bought a new position in shares of American Electric Power in the first quarter worth $32,000. 73.47% of the stock is owned by institutional investors.
AEP has been the subject of a number of analyst reports. Morgan Stanley increased their target price on shares of American Electric Power from $88.00 to $92.00 and gave the stock an “equal weight” rating in a report on Friday, June 14th. SunTrust Banks raised their price objective on shares of American Electric Power from $98.00 to $99.00 and gave the stock a “buy” rating in a report on Monday. Wolfe Research set a $89.00 price objective on shares of American Electric Power and gave the stock a “buy” rating in a report on Friday, April 26th. KeyCorp assumed coverage on shares of American Electric Power in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Finally, Zacks Investment Research upgraded shares of American Electric Power from a “sell” rating to a “hold” rating and set a $96.00 price objective for the company in a report on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. American Electric Power currently has an average rating of “Buy” and an average price target of $88.42.
Shares of NYSE AEP opened at $90.25 on Wednesday. American Electric Power Company Inc has a fifty-two week low of $68.92 and a fifty-two week high of $91.99. The firm’s 50 day simple moving average is $89.59. The company has a market capitalization of $44.27 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 3.85 and a beta of 0.13. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 1.29.
American Electric Power (NYSE:AEP) last announced its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.02. American Electric Power had a net margin of 12.53% and a return on equity of 10.69%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter last year, the firm earned $1.01 earnings per share. The firm’s quarterly revenue was down 10.0% compared to the same quarter last year. As a group, research analysts forecast that American Electric Power Company Inc will post 4.13 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 9th will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Thursday, August 8th. American Electric Power’s payout ratio is currently 67.85%.
In other news, VP Brian X. Tierney sold 4,458 shares of American Electric Power stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $89.73, for a total transaction of $400,016.34. Following the completion of the sale, the vice president now directly owns 39,745 shares in the company, valued at approximately $3,566,318.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Lisa M. Barton sold 1,752 shares of American Electric Power stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $89.41, for a total value of $156,646.32. Following the sale, the insider now owns 34,460 shares of the company’s stock, valued at $3,081,068.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,513 shares of company stock worth $669,398. 0.16% of the stock is owned by corporate insiders.
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.
Further Reading: How does a reverse stock split work?
Want to see what other hedge funds are holding AEP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Electric Power Company Inc (NYSE:AEP).
Receive News & Ratings for American Electric Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Electric Power and related companies with MarketBeat.com's FREE daily email newsletter.