Buckingham Asset Management LLC lessened its position in American Electric Power Company Inc (NYSE:AEP) by 17.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,562 shares of the utilities provider’s stock after selling 1,395 shares during the quarter. Buckingham Asset Management LLC’s holdings in American Electric Power were worth $465,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Oakwood Capital Management LLC CA bought a new position in American Electric Power in the third quarter valued at $4,371,000. HL Financial Services LLC increased its stake in American Electric Power by 3.7% in the third quarter. HL Financial Services LLC now owns 82,163 shares of the utilities provider’s stock valued at $5,824,000 after acquiring an additional 2,904 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in American Electric Power by 2.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 92,852 shares of the utilities provider’s stock valued at $6,581,000 after acquiring an additional 2,621 shares during the last quarter. Usca Ria LLC bought a new position in American Electric Power in the third quarter valued at $1,688,000. Finally, Zions Bancorporation bought a new position in American Electric Power in the third quarter valued at $667,000. 72.12% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:AEP opened at $74.45 on Wednesday. American Electric Power Company Inc has a 12-month low of $62.71 and a 12-month high of $78.07. The stock has a market cap of $35.84 billion and a PE ratio of 17.86. 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 earnings results on Thursday, October 25th. The utilities provider reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.05. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.26 billion. American Electric Power had a net margin of 12.14% and a return on equity of 10.78%. During the same period in the prior year, the business posted $1.10 earnings per share. As a group, analysts anticipate that American Electric Power Company Inc will post 3.95 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 9th will be issued a dividend of $0.67 per share. This is a positive change from American Electric Power’s previous quarterly dividend of $0.62. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Thursday, November 8th. American Electric Power’s dividend payout ratio is currently 67.39%.
AEP has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on American Electric Power from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Monday, July 16th. Zacks Investment Research raised American Electric Power from a “sell” rating to a “hold” rating and set a $79.00 price objective on the stock in a research note on Thursday, July 12th. Barclays initiated coverage on American Electric Power in a research note on Tuesday, July 10th. They set an “overweight” rating and a $81.00 price objective on the stock. Goldman Sachs Group raised American Electric Power from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $76.00 to $74.00 in a research note on Thursday, July 19th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $80.00 price objective on shares of American Electric Power in a research note on Wednesday, July 25th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $76.03.
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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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