First Midwest Bank Trust Division cut its position in shares of American Electric Power Co. (NYSE:AEP) by 19.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,856 shares of the company’s stock after selling 10,709 shares during the period. First Midwest Bank Trust Division’s holdings in American Electric Power were worth $3,144,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in AEP. Bank of Montreal Can acquired a new stake in American Electric Power during the second quarter worth about $261,970,000. Panagora Asset Management Inc. raised its stake in American Electric Power by 3.6% in the first quarter. Panagora Asset Management Inc. now owns 782,385 shares of the company’s stock worth $51,950,000 after buying an additional 27,294 shares during the period. CIBC World Markets Inc. raised its stake in American Electric Power by 60.1% in the second quarter. CIBC World Markets Inc. now owns 12,987 shares of the company’s stock worth $910,000 after buying an additional 4,876 shares during the period. PGGM Investments raised its stake in American Electric Power by 64.0% in the second quarter. PGGM Investments now owns 1,210,748 shares of the company’s stock worth $84,861,000 after buying an additional 472,448 shares during the period. Finally, First Quadrant L P CA raised its stake in American Electric Power by 100.2% in the second quarter. First Quadrant L P CA now owns 80,500 shares of the company’s stock worth $5,642,000 after buying an additional 40,300 shares during the period. 68.74% of the stock is currently owned by hedge funds and other institutional investors.
American Electric Power Co. (NYSE:AEP) traded down 1.30% during midday trading on Tuesday, reaching $65.50. The company had a trading volume of 2,229,779 shares. The firm has a 50-day moving average of $65.82 and a 200-day moving average of $66.26. American Electric Power Co. has a 12 month low of $53.30 and a 12 month high of $71.32. The stock has a market cap of $32.21 billion, a P/E ratio of 16.16 and a beta of 0.24.
American Electric Power (NYSE:AEP) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.05. The firm had revenue of $3.90 billion for 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 business’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. On average, equities analysts expect that American Electric Power Co. will post $3.69 EPS for the current fiscal year.
The company also recently announced 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 annualized dividend and a dividend yield of 3.42%. American Electric Power’s payout ratio is 55.17%.
A number of analysts have issued reports on AEP shares. SunTrust Banks Inc. raised their target price on American Electric Power from $74.00 to $76.00 and gave the company a “buy” rating in a report on Monday. Citigroup Inc. raised their target price on American Electric Power from $61.00 to $68.00 and gave the company a “neutral” rating in a report on Wednesday, July 20th. Hilliard Lyons downgraded American Electric Power from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Barclays PLC raised their price objective on American Electric Power from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, July 29th. Finally, Jefferies Group raised their price objective on American Electric Power from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, June 17th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $67.61.
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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