Family Legacy Inc. Invests $262,000 in American Electric Power Company Inc (NYSE:AEP)

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Family Legacy Inc. purchased a new stake in shares of American Electric Power Company Inc (NYSE:AEP) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,980 shares of the utilities provider’s stock, valued at approximately $262,000.

A number of other institutional investors have also added to or reduced their stakes in AEP. Cornerstone Advisors Inc. increased its position in American Electric Power by 47.2% during the first quarter. Cornerstone Advisors Inc. now owns 546 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 175 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd increased its position in American Electric Power by 186.2% during the first quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 8,300 shares of the utilities provider’s stock valued at $695,000 after acquiring an additional 5,400 shares during the last quarter. Cetera Advisor Networks LLC increased its position in American Electric Power by 14.7% during the first quarter. Cetera Advisor Networks LLC now owns 26,278 shares of the utilities provider’s stock valued at $2,204,000 after acquiring an additional 3,377 shares during the last quarter. State Treasurer State of Michigan increased its position in American Electric Power by 0.7% during the first quarter. State Treasurer State of Michigan now owns 142,181 shares of the utilities provider’s stock valued at $11,908,000 after acquiring an additional 1,000 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. bought a new position in American Electric Power during the first quarter valued at $319,000. 73.44% of the stock is currently owned by institutional investors.

NYSE AEP opened at $88.69 on Monday. The business has a 50-day moving average of $89.86. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $43.80 billion, a PE ratio of 22.45, a PEG ratio of 3.79 and a beta of 0.13. American Electric Power Company Inc has a 12 month low of $68.92 and a 12 month high of $91.99.

American Electric Power (NYSE:AEP) last posted its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.02. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $4.13 billion. American Electric Power had a net margin of 12.53% and a return on equity of 10.69%. The business’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. Research analysts forecast that American Electric Power Company Inc will post 4.13 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.02%. The ex-dividend date is Thursday, August 8th. American Electric Power’s payout ratio is 67.85%.

In other American Electric Power news, EVP David Matthew Feinberg sold 4,535 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $85.72, for a total transaction of $388,740.20. Following the transaction, the executive vice president now directly owns 9,674 shares in the company, valued at approximately $829,255.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Brian X. Tierney sold 4,392 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $86.02, for a total transaction of $377,799.84. Following 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 quarter, insiders have sold 17,943 shares of company stock worth $1,564,911. 0.16% of the stock is owned by company insiders.

A number of research firms have weighed in on AEP. UBS Group boosted their price objective on shares of American Electric Power from $94.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Wolfe Research set a $89.00 price objective on shares of American Electric Power and gave the company a “buy” rating in a research report on Friday, April 26th. Bank of America reiterated a “buy” rating and set a $98.00 price objective (up previously from $93.00) on shares of American Electric Power in a research report on Tuesday, July 9th. Wells Fargo & Co boosted their price objective on shares of American Electric Power from $89.00 to $93.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Finally, KeyCorp started coverage on shares of American Electric Power in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $87.45.

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.

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

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