American Electric Power Co. (NYSE:AEP) had its price objective dropped by Citigroup Inc. from $69.00 to $66.00 in a note issued to investors on Tuesday, StockTargetPrices.com reports. The firm currently has a “neutral” rating on the stock. Citigroup Inc.’s target price would suggest a potential upside of 6.14% from the company’s previous close.
Several other equities research analysts also recently weighed in on AEP. Zacks Investment Research downgraded American Electric Power from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. Morgan Stanley reissued a “hold” rating on shares of American Electric Power in a report on Wednesday, June 15th. Jefferies Group raised their price target on American Electric Power from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, June 17th. KeyCorp reissued an “outperform” rating and issued a $72.50 price target (up previously from $69.00) on shares of American Electric Power in a report on Saturday, July 2nd. Finally, Goldman Sachs Group Inc. raised American Electric Power from a “neutral” rating to a “buy” rating and raised their price target for the stock from $71.00 to $73.00 in a report on Tuesday, July 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. American Electric Power currently has a consensus rating of “Buy” and an average target price of $67.39.
Shares of American Electric Power (NYSE:AEP) opened at 62.18 on Tuesday. The stock has a market capitalization of $30.57 billion, a price-to-earnings ratio of 15.35 and a beta of 0.23. American Electric Power has a 12-month low of $53.30 and a 12-month high of $71.32. The company has a 50-day moving average of $65.18 and a 200 day moving average of $66.21.
American Electric Power (NYSE:AEP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.05. The business earned $3.90 billion during the quarter, compared to the consensus estimate of $4.01 billion. American Electric Power had a return on equity of 9.54% and a net margin of 12.50%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $0.88 earnings per share. Analysts predict that American Electric Power will post $3.69 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.60%. American Electric Power’s dividend payout ratio (DPR) is presently 55.17%.
Hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake in American Electric Power by 7.5% in the first quarter. State Street Corp now owns 25,117,238 shares of the company’s stock worth $1,667,787,000 after buying an additional 1,758,073 shares during the period. BlackRock Fund Advisors boosted its stake in American Electric Power by 7.6% in the second quarter. BlackRock Fund Advisors now owns 10,520,383 shares of the company’s stock worth $737,374,000 after buying an additional 740,983 shares during the period. FMR LLC boosted its stake in American Electric Power by 72.8% in the second quarter. FMR LLC now owns 9,114,402 shares of the company’s stock worth $638,828,000 after buying an additional 3,840,681 shares during the period. JPMorgan Chase & Co. boosted its stake in American Electric Power by 10.1% in the first quarter. JPMorgan Chase & Co. now owns 7,370,135 shares of the company’s stock worth $489,376,000 after buying an additional 678,053 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in American Electric Power by 3.9% in the second quarter. Alliancebernstein L.P. now owns 6,149,393 shares of the company’s stock worth $431,011,000 after buying an additional 233,632 shares during the period. Institutional investors and hedge funds own 68.74% of the company’s stock.
About American Electric Power
American Electric Power Company, Inc (AEP) is a public utility holding company that owns, directly or indirectly, all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries. The Company’s segments include Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing.
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