Pinnacle Associates Ltd. raised its position in shares of American Electric Power Company, Inc. (NASDAQ:AEP – Get Rating) by 7.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,884 shares of the company’s stock after purchasing an additional 1,590 shares during the period. Pinnacle Associates Ltd.’s holdings in American Electric Power were worth $2,089,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Neo Ivy Capital Management raised its holdings in shares of American Electric Power by 12.7% during the 2nd quarter. Neo Ivy Capital Management now owns 899 shares of the company’s stock worth $86,000 after buying an additional 101 shares in the last quarter. HB Wealth Management LLC lifted its holdings in shares of American Electric Power by 0.6% in the fourth quarter. HB Wealth Management LLC now owns 19,154 shares of the company’s stock worth $1,819,000 after acquiring an additional 114 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in shares of American Electric Power by 2.0% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 6,010 shares of the company’s stock valued at $592,000 after purchasing an additional 117 shares in the last quarter. McDonough Capital Management Inc boosted its stake in shares of American Electric Power by 4.3% in the 3rd quarter. McDonough Capital Management Inc now owns 2,892 shares of the company’s stock valued at $250,000 after purchasing an additional 119 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of American Electric Power by 0.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 28,284 shares of the company’s stock valued at $2,445,000 after purchasing an additional 119 shares during the last quarter. 74.33% of the stock is currently owned by institutional investors.
American Electric Power Price Performance
American Electric Power stock opened at $94.54 on Thursday. The stock’s 50 day moving average is $90.41 and its 200 day moving average is $91.00. American Electric Power Company, Inc. has a one year low of $80.30 and a one year high of $105.60. The firm has a market cap of $48.63 billion, a P/E ratio of 20.96, a P/E/G ratio of 2.85 and a beta of 0.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.65 and a quick ratio of 0.56.
American Electric Power Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 10th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, February 9th. American Electric Power’s dividend payout ratio (DPR) is presently 73.61%.
Insider Activity
In related news, EVP David Matthew Feinberg sold 1,004 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $90.39, for a total transaction of $90,751.56. Following the completion of the sale, the executive vice president now owns 11,717 shares of the company’s stock, valued at $1,059,099.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Nicholas K. Akins sold 51,034 shares of the stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $89.44, for a total transaction of $4,564,480.96. Following the transaction, the insider now owns 143,547 shares of the company’s stock, valued at approximately $12,838,843.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Matthew Feinberg sold 1,004 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $90.39, for a total value of $90,751.56. Following the completion of the sale, the executive vice president now owns 11,717 shares of the company’s stock, valued at $1,059,099.63. The disclosure for this sale can be found here. Insiders have sold 67,894 shares of company stock valued at $6,090,385 in the last ninety days. 0.12% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of American Electric Power from $105.00 to $102.00 and set an “overweight” rating for the company in a research note on Friday, March 10th. Bank of America downgraded American Electric Power from a “buy” rating to a “neutral” rating and cut their price objective for the company from $101.00 to $98.00 in a report on Monday, December 19th. StockNews.com started coverage on American Electric Power in a research report on Friday, March 17th. They set a “hold” rating on the stock. Credit Suisse Group increased their target price on American Electric Power from $87.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, December 16th. Finally, Wells Fargo & Company cut American Electric Power from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $108.00 to $99.00 in a report on Wednesday, February 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, American Electric Power presently has an average rating of “Hold” and an average target price of $98.96.
American Electric Power Profile
American Electric Power Co, Inc engages in the generation, transmission, and distribution of electricity. It operates through the following segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation and Marketing. The Vertically Integrated Utilities segment covers the generation, transmission, and distribution of electricity for sale to retail and wholesale customers.
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