Magellan Asset Management Ltd Increases Holdings in American Electric Power Company Inc (NYSE:AEP)

Magellan Asset Management Ltd raised its stake in American Electric Power Company Inc (NYSE:AEP) by 15.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 261,913 shares of the utilities provider’s stock after buying an additional 35,457 shares during the quarter. Magellan Asset Management Ltd’s holdings in American Electric Power were worth $21,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AEP. Legacy Advisors LLC bought a new position in American Electric Power in the first quarter valued at approximately $25,000. Sageworth Trust Co lifted its stake in American Electric Power by 1,026.9% in the first quarter. Sageworth Trust Co now owns 293 shares of the utilities provider’s stock valued at $25,000 after buying an additional 267 shares in the last quarter. Capital Financial Planning LLC bought a new position in American Electric Power in the fourth quarter valued at approximately $26,000. Athena Capital Advisors LLC bought a new position in American Electric Power in the fourth quarter valued at approximately $27,000. Finally, Claybrook Capital LLC bought a new position in American Electric Power in the fourth quarter valued at approximately $27,000. 73.60% of the stock is currently owned by hedge funds and other institutional investors.

AEP traded up $0.95 during trading on Wednesday, reaching $89.27. 65,170 shares of the stock were exchanged, compared to its average volume of 2,577,575. The company has a market cap of $44.15 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 3.82 and a beta of 0.16. American Electric Power Company Inc has a twelve month low of $62.75 and a twelve month high of $91.07. The company has a current ratio of 0.49, a quick ratio of 0.37 and a debt-to-equity ratio of 1.19.

American Electric Power (NYSE:AEP) last issued its earnings results on Thursday, April 25th. The utilities provider reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.09. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.23 billion. American Electric Power had a net margin of 12.64% and a return on equity of 10.81%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.96 earnings per share. As a group, research analysts forecast that American Electric Power Company Inc will post 4.15 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 10th were issued a dividend of $0.67 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.68 dividend on an annualized basis and a yield of 3.00%. American Electric Power’s payout ratio is 67.85%.

In related news, CEO Nicholas K. Akins sold 11,152 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $84.94, for a total transaction of $947,250.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Brian X. Tierney sold 4,392 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $86.02, for a total transaction of $377,799.84. Following the completion of the transaction, the vice president now owns 39,449 shares in the company, valued at $3,393,402.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,637 shares of company stock worth $2,112,145. 0.16% of the stock is owned by corporate insiders.

A number of research analysts have weighed in on the stock. KeyCorp assumed coverage on shares of American Electric Power in a research note on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Morgan Stanley boosted their price objective on shares of American Electric Power from $87.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 16th. Wolfe Research set a $89.00 price objective on shares of American Electric Power and gave the stock a “buy” rating in a research report on Friday, April 26th. Wells Fargo & Co boosted their price objective on shares of American Electric Power from $89.00 to $93.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Finally, Goldman Sachs Group lowered shares of American Electric Power from a “buy” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Monday, April 8th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $81.80.

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American Electric Power 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.

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

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