State of Michigan Retirement System boosted its position in shares of American Electric Power Company Inc (NYSE:AEP) by 11.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 126,523 shares of the utilities provider’s stock after purchasing an additional 13,242 shares during the period. State of Michigan Retirement System’s holdings in American Electric Power were worth $10,076,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of American Electric Power during the 1st quarter worth about $28,000. CVA Family Office LLC acquired a new stake in shares of American Electric Power in the first quarter valued at about $28,000. Creative Financial Designs Inc. ADV raised its stake in American Electric Power by 278.0% during the 2nd quarter. Creative Financial Designs Inc. ADV now owns 378 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 278 shares during the last quarter. Weaver Consulting Group lifted its stake in shares of American Electric Power by 75.6% in the second quarter. Weaver Consulting Group now owns 418 shares of the utilities provider’s stock valued at $33,000 after buying an additional 180 shares during the period. Finally, Balentine LLC acquired a new stake in shares of American Electric Power during the 1st quarter worth approximately $36,000. 74.57% of the stock is currently owned by institutional investors.
AEP has been the subject of a number of research reports. Morgan Stanley raised their price target on shares of American Electric Power from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, July 17th. TheStreet upgraded American Electric Power from a “c+” rating to a “b-” rating in a report on Tuesday, July 21st. Royal Bank of Canada reiterated a “buy” rating and issued a $92.00 target price on shares of American Electric Power in a report on Wednesday, April 8th. UBS Group boosted their price target on shares of American Electric Power from $90.00 to $98.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Evercore ISI raised American Electric Power from an “in-line” rating to an “outperform” rating and dropped their price objective for the stock from $103.00 to $95.00 in a research note on Monday, April 20th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $96.17.
AEP stock opened at $86.88 on Friday. The company has a market cap of $43.06 billion, a price-to-earnings ratio of 23.29, a P/E/G ratio of 3.56 and a beta of 0.36. American Electric Power Company Inc has a twelve month low of $65.14 and a twelve month high of $104.97. The business has a 50 day moving average price of $83.21 and a two-hundred day moving average price of $87.41. The company has a quick ratio of 0.35, a current ratio of 0.45 and a debt-to-equity ratio of 1.29.
American Electric Power (NYSE:AEP) last released its earnings results on Wednesday, May 6th. The utilities provider reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.07). American Electric Power had a net margin of 12.08% and a return on equity of 10.15%. The firm had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same period in the prior year, the business posted $1.19 earnings per share. American Electric Power’s quarterly revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that American Electric Power Company Inc will post 4.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, August 7th. This represents a $2.80 annualized dividend and a dividend yield of 3.22%. American Electric Power’s dividend payout ratio is presently 66.04%.
In other news, CEO Nicholas K. Akins sold 16,519 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $81.90, for a total value of $1,352,906.10. Following the completion of the sale, the chief executive officer now directly owns 134,743 shares of the company’s stock, valued at $11,035,451.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark C. Mccullough sold 2,244 shares of American Electric Power stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $81.19, for a total value of $182,190.36. Following the transaction, the executive vice president now owns 10,530 shares of the company’s stock, valued at $854,930.70. The disclosure for this sale can be found here. 0.16% of the stock is currently owned by corporate insiders.
About American Electric Power
American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.
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