L & S Advisors Inc lessened its stake in shares of American Electric Power Company Inc (NYSE:AEP) by 8.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,381 shares of the utilities provider’s stock after selling 2,483 shares during the quarter. L & S Advisors Inc’s holdings in American Electric Power were worth $2,410,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. IMA Wealth Inc. purchased a new position in American Electric Power during the 2nd quarter valued at about $30,000. JJJ Advisors Inc. purchased a new position in American Electric Power during the 2nd quarter valued at about $31,000. Glassman Wealth Services grew its holdings in American Electric Power by 138.0% during the 1st quarter. Glassman Wealth Services now owns 388 shares of the utilities provider’s stock valued at $32,000 after buying an additional 225 shares in the last quarter. Weaver Consulting Group purchased a new position in American Electric Power during the 1st quarter valued at about $32,000. Finally, Tarbox Family Office Inc. grew its holdings in American Electric Power by 38.9% during the 2nd quarter. Tarbox Family Office Inc. now owns 436 shares of the utilities provider’s stock valued at $38,000 after buying an additional 122 shares in the last quarter. 73.88% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE AEP traded down $0.14 during midday trading on Friday, hitting $91.88. 6,644 shares of the company’s stock were exchanged, compared to its average volume of 2,207,312. American Electric Power Company Inc has a 12-month low of $68.92 and a 12-month high of $93.23. 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 cap of $45.39 billion, a price-to-earnings ratio of 23.27, a PEG ratio of 3.89 and a beta of 0.11. The business’s fifty day moving average price is $90.15 and its two-hundred day moving average price is $87.07.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were given a $0.67 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.68 dividend on an annualized basis and a yield of 2.92%. American Electric Power’s payout ratio is 67.85%.
In related news, VP Brian X. Tierney sold 4,458 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $89.73, for a total value of $400,016.34. Following the completion of the sale, the vice president now owns 39,745 shares in the company, valued at approximately $3,566,318.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charles E. Zebula sold 1,216 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $90.98, for a total value of $110,631.68. Following the completion of the sale, the insider now owns 7,420 shares of the company’s stock, valued at approximately $675,071.60. The disclosure for this sale can be found here. Insiders own 0.16% of the company’s stock.
Several brokerages have recently commented on AEP. UBS Group boosted their price objective on American Electric Power from $94.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, July 12th. KeyCorp began coverage on American Electric Power in a report on Tuesday, June 4th. They set a “sector weight” rating for the company. Zacks Investment Research raised American Electric Power from a “sell” rating to a “hold” rating and set a $96.00 price objective for the company in a report on Thursday, July 11th. SunTrust Banks boosted their price objective on American Electric Power from $98.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Morgan Stanley cut their price objective on American Electric Power from $93.00 to $91.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $89.82.
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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