Parsec Financial Management Inc. Has $480,000 Position in American Electric Power Company, Inc. (NASDAQ:AEP)

Posted by Defense World Staff on Jun 20th, 2023

Parsec Financial Management Inc. increased its position in American Electric Power Company, Inc. (NASDAQ:AEP – Get Rating) by 46.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,279 shares of the company’s stock after buying an additional 1,665 shares during the quarter. Parsec Financial Management Inc.’s holdings in American Electric Power were worth $480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in AEP. Hennion & Walsh Asset Management Inc. increased its position in American Electric Power by 18.2% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 30,853 shares of the company’s stock valued at $2,929,000 after purchasing an additional 4,753 shares during the period. Strategic Blueprint LLC increased its position in American Electric Power by 17.6% during the 4th quarter. Strategic Blueprint LLC now owns 26,761 shares of the company’s stock valued at $2,541,000 after purchasing an additional 4,004 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of American Electric Power by 15.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 77,388 shares of the company’s stock worth $7,348,000 after buying an additional 10,316 shares in the last quarter. Ipswich Investment Management Co. Inc. bought a new position in shares of American Electric Power during the 4th quarter worth approximately $209,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of American Electric Power by 4.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,215 shares of the company’s stock worth $7,996,000 after buying an additional 3,319 shares in the last quarter. Institutional investors and hedge funds own 73.74% of the company’s stock.

Wall Street Analyst Weigh In

AEP has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on American Electric Power from $101.00 to $107.00 and gave the stock an “overweight” rating in a report on Thursday, April 20th. JPMorgan Chase & Co. cut their price target on American Electric Power from $105.00 to $102.00 and set an “overweight” rating on the stock in a report on Friday, March 10th. Royal Bank of Canada cut their price target on American Electric Power from $109.00 to $103.00 and set an “outperform” rating on the stock in a report on Thursday, March 2nd. UBS Group cut American Electric Power from a “buy” rating to a “neutral” rating and cut their price target for the stock from $105.00 to $92.00 in a report on Tuesday, June 6th. Finally, BMO Capital Markets increased their target price on American Electric Power from $100.00 to $102.00 and gave the stock an “outperform” rating in a report on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.23.

Insider Buying and Selling at American Electric Power

In other news, insider Nicholas K. Akins sold 10,491 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $92.75, for a total transaction of $973,040.25. Following the sale, the insider now owns 125,520 shares in the company, valued at approximately $11,641,980. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP David Matthew Feinberg sold 1,616 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $92.75, for a total transaction of $149,884.00. Following the sale, the executive vice president now owns 8,925 shares in the company, valued at approximately $827,793.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Nicholas K. Akins sold 10,491 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $92.75, for a total transaction of $973,040.25. Following the sale, the insider now owns 125,520 shares in the company, valued at approximately $11,641,980. The disclosure for this sale can be found here. Insiders own 0.12% of the company’s stock.

American Electric Power Stock Up 0.1 %

AEP opened at $84.93 on Tuesday. The company has a 50 day moving average of $86.96 and a 200 day moving average of $90.42. The company has a market cap of $43.64 billion, a PE ratio of 21.95, a price-to-earnings-growth ratio of 2.87 and a beta of 0.46. American Electric Power Company, Inc. has a 12 month low of $80.30 and a 12 month high of $105.60. The company has a current ratio of 0.62, a quick ratio of 0.50 and a debt-to-equity ratio of 1.51.

American Electric Power (NASDAQ:AEP – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.03). American Electric Power had a net margin of 10.10% and a return on equity of 10.57%. The firm had revenue of $4.70 billion during the quarter, compared to the consensus estimate of $4.57 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that American Electric Power Company, Inc. will post 5.27 EPS for the current year.

American Electric Power Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Wednesday, May 10th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend was Tuesday, May 9th. American Electric Power’s payout ratio is 85.79%.

About American Electric Power

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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.