Zions Bancorporation Buys New Position in American Electric Power Company Inc (AEP)

Zions Bancorporation bought a new stake in American Electric Power Company Inc (NYSE:AEP) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,413 shares of the utilities provider’s stock, valued at approximately $667,000.

A number of other hedge funds also recently modified their holdings of AEP. Commerce Bank raised its holdings in shares of American Electric Power by 7.2% during the third quarter. Commerce Bank now owns 32,672 shares of the utilities provider’s stock valued at $2,316,000 after buying an additional 2,205 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of American Electric Power by 5.5% during the third quarter. Daiwa Securities Group Inc. now owns 18,032 shares of the utilities provider’s stock valued at $1,278,000 after buying an additional 940 shares during the last quarter. Providence Wealth Advisors LLC bought a new stake in shares of American Electric Power during the third quarter valued at approximately $201,000. Private Advisor Group LLC raised its holdings in shares of American Electric Power by 14.7% during the third quarter. Private Advisor Group LLC now owns 28,595 shares of the utilities provider’s stock valued at $2,027,000 after buying an additional 3,662 shares during the last quarter. Finally, Signition LP raised its holdings in shares of American Electric Power by 24.3% during the third quarter. Signition LP now owns 5,571 shares of the utilities provider’s stock valued at $395,000 after buying an additional 1,089 shares during the last quarter. Institutional investors own 72.12% of the company’s stock.

AEP has been the topic of a number of recent analyst reports. Guggenheim raised American Electric Power from a “neutral” rating to a “buy” rating in a report on Monday, September 10th. They noted that the move was a valuation call. Goldman Sachs Group raised American Electric Power from a “neutral” rating to a “buy” rating and cut their price target for the company from $76.00 to $74.00 in a report on Thursday, July 19th. Mizuho reaffirmed a “buy” rating and set a $74.50 price target on shares of American Electric Power in a report on Friday, July 27th. SunTrust Banks reaffirmed a “buy” rating and set a $80.00 price target on shares of American Electric Power in a report on Wednesday, July 25th. Finally, Morgan Stanley lifted their price target on American Electric Power from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, September 11th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $76.03.

Shares of NYSE:AEP opened at $73.16 on Monday. American Electric Power Company Inc has a 12 month low of $62.71 and a 12 month high of $78.07. The company has a market cap of $35.84 billion and a P/E ratio of 19.83. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.10.

American Electric Power (NYSE:AEP) last posted its quarterly earnings results on Thursday, October 25th. The utilities provider reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.05. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.26 billion. American Electric Power had a return on equity of 10.78% and a net margin of 12.14%. During the same quarter in the prior year, the company earned $1.10 earnings per share. As a group, analysts anticipate that American Electric Power Company Inc will post 3.95 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $2.68 annualized dividend and a dividend yield of 3.66%. This is a boost from American Electric Power’s previous quarterly dividend of $0.62. American Electric Power’s dividend payout ratio is currently 67.39%.

American Electric Power Company Profile

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.

Further Reading: Cash Flow

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Institutional Ownership by Quarter for American Electric Power (NYSE:AEP)

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