OLD National Bancorp IN trimmed its stake in American Electric Power Company, Inc. (NYSE:AEP) by 7.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,078 shares of the utilities provider’s stock after selling 988 shares during the period. OLD National Bancorp IN’s holdings in American Electric Power were worth $849,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of AEP. Ledyard National Bank boosted its holdings in American Electric Power by 52.6% in the 2nd quarter. Ledyard National Bank now owns 1,450 shares of the utilities provider’s stock worth $101,000 after buying an additional 500 shares during the period. Point72 Asia Hong Kong Ltd bought a new position in shares of American Electric Power during the 1st quarter valued at about $105,000. Zions Bancorporation boosted its holdings in shares of American Electric Power by 1.3% during the 1st quarter. Zions Bancorporation now owns 1,680 shares of the utilities provider’s stock valued at $113,000 after purchasing an additional 21 shares during the last quarter. Smithfield Trust Co. boosted its holdings in shares of American Electric Power by 8.1% during the 2nd quarter. Smithfield Trust Co. now owns 1,677 shares of the utilities provider’s stock valued at $117,000 after purchasing an additional 125 shares during the last quarter. Finally, Thompson Davis & CO. Inc. boosted its holdings in shares of American Electric Power by 0.3% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 1,747 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 71.84% of the company’s stock.
American Electric Power (NYSE:AEP) last released its quarterly earnings results on Thursday, October 26th. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.06). The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.42 billion. American Electric Power had a net margin of 12.21% and a return on equity of 9.67%. American Electric Power’s revenue was down 12.8% on a year-over-year basis. During the same period last year, the firm posted $1.30 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.33%. This is an increase from American Electric Power’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Thursday, November 9th. American Electric Power’s payout ratio is 61.78%.
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Several research analysts have commented on the stock. Bank of America Corporation assumed coverage on shares of American Electric Power in a report on Tuesday, October 24th. They set a “buy” rating and a $79.00 price objective for the company. Morgan Stanley increased their price objective on shares of American Electric Power from $71.00 to $73.00 and gave the company an “equal weight” rating in a report on Thursday, August 10th. Royal Bank Of Canada reissued a “hold” rating and set a $74.00 price objective on shares of American Electric Power in a report on Monday. BidaskClub raised shares of American Electric Power from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Jefferies Group LLC reissued a “hold” rating and set a $73.00 price objective on shares of American Electric Power in a report on Tuesday, October 3rd. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $73.91.
About American Electric Power
American Electric Power Company, Inc (AEP) is a public utility holding company that owns, directly or indirectly, all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries. The service areas of the Company’s public utility subsidiaries cover the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
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