First Mercantile Trust Co. purchased a new stake in shares of American Electric Power Company Inc (NYSE:AEP) in the third quarter, HoldingsChannel reports. The institutional investor purchased 1,154 shares of the utilities provider’s stock, valued at approximately $108,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cobblestone Capital Advisors LLC NY boosted its stake in shares of American Electric Power by 144.2% during the 2nd quarter. Cobblestone Capital Advisors LLC NY now owns 8,468 shares of the utilities provider’s stock worth $745,000 after acquiring an additional 5,000 shares in the last quarter. Achmea Investment Management B.V. bought a new stake in shares of American Electric Power during the 2nd quarter worth $4,049,000. Coastal Capital Group Inc. bought a new stake in shares of American Electric Power during the 2nd quarter worth $145,000. First Merchants Corp bought a new stake in shares of American Electric Power during the 3rd quarter worth $817,000. Finally, Corient Capital Partners LLC boosted its stake in shares of American Electric Power by 7.8% during the 2nd quarter. Corient Capital Partners LLC now owns 29,395 shares of the utilities provider’s stock worth $2,587,000 after acquiring an additional 2,135 shares in the last quarter. 73.81% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Charles E. Zebula sold 1,216 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $90.98, for a total transaction of $110,631.68. Following the completion of the sale, the insider now directly owns 7,420 shares in the company, valued at $675,071.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by company insiders.
American Electric Power (NYSE:AEP) last announced its quarterly earnings data on Thursday, October 24th. The utilities provider reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.14. American Electric Power had a return on equity of 11.09% and a net margin of 13.52%. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same period last year, the company earned $1.26 earnings per share. As a group, equities analysts anticipate that American Electric Power Company Inc will post 4.18 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. This is a positive change from American Electric Power’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, November 7th. American Electric Power’s dividend payout ratio (DPR) is currently 70.89%.
Several analysts have recently commented on AEP shares. JPMorgan Chase & Co. raised their target price on American Electric Power from $92.00 to $104.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. ValuEngine cut American Electric Power from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Mizuho raised their target price on American Electric Power from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. UBS Group raised their target price on American Electric Power from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Morgan Stanley raised their target price on American Electric Power from $91.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. American Electric Power currently has a consensus rating of “Buy” and an average target price of $95.27.
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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