Prospera Financial Services Inc boosted its position in shares of American Electric Power Co. (NYSE:AEP) by 4.6% during the second quarter, Holdings Channel reports. The firm owned 3,225 shares of the company’s stock after buying an additional 141 shares during the period. Prospera Financial Services Inc’s holdings in American Electric Power were worth $226,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Bank of Montreal Can bought a new stake in shares of American Electric Power during the second quarter worth $261,970,000. State Street Corp increased its stake in shares of 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 in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of American Electric Power during the first quarter worth $84,599,000. Renaissance Technologies LLC increased its stake in shares of American Electric Power by 64.3% in the first quarter. Renaissance Technologies LLC now owns 2,332,500 shares of the company’s stock worth $154,878,000 after buying an additional 912,500 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of 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 in the last quarter. Institutional investors own 68.74% of the company’s stock.
American Electric Power Co. (NYSE:AEP) traded down 0.45% during mid-day trading on Monday, reaching $66.36. 1,745,753 shares of the company traded hands. The firm has a market capitalization of $32.63 billion, a P/E ratio of 16.38 and a beta of 0.24. American Electric Power Co. has a 12-month low of $53.30 and a 12-month high of $71.32. The company’s 50 day moving average price is $65.82 and its 200 day moving average price is $66.26.
American Electric Power (NYSE:AEP) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.05. American Electric Power had a return on equity of 9.54% and a net margin of 12.50%. The business earned $3.90 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts predict that American Electric Power Co. will post $3.69 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.38%. American Electric Power’s payout ratio is 55.17%.
A number of brokerages recently weighed in on AEP. Barclays PLC raised their target price on shares of American Electric Power from $75.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, July 29th. Citigroup Inc. raised their target price on shares of American Electric Power from $61.00 to $68.00 and gave the company a “neutral” rating in a research note on Wednesday, July 20th. Zacks Investment Research downgraded shares of American Electric Power from a “buy” rating to a “hold” rating in a research note on Wednesday, September 14th. Morgan Stanley reissued a “hold” rating on shares of American Electric Power in a research note on Wednesday, June 15th. Finally, SunTrust Banks Inc. lifted their price target on shares of American Electric Power from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company 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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