Gabelli Funds LLC cut its stake in shares of American Electric Power Company, Inc. (NYSE:AEP) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 819,500 shares of the utilities provider’s stock after selling 4,500 shares during the period. Gabelli Funds LLC owned 0.17% of American Electric Power worth $56,931,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in AEP. BlackRock Inc. boosted its position in shares of American Electric Power by 2,394.3% in the first quarter. BlackRock Inc. now owns 33,819,821 shares of the utilities provider’s stock valued at $2,270,326,000 after buying an additional 32,463,953 shares during the last quarter. Bank of Montreal Can boosted its position in shares of American Electric Power by 35.2% in the second quarter. Bank of Montreal Can now owns 4,366,510 shares of the utilities provider’s stock valued at $303,342,000 after buying an additional 1,137,941 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of American Electric Power by 3.4% in the first quarter. Vanguard Group Inc. now owns 34,128,589 shares of the utilities provider’s stock valued at $2,291,051,000 after buying an additional 1,124,366 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of American Electric Power by 16.2% in the first quarter. Wells Fargo & Company MN now owns 7,668,864 shares of the utilities provider’s stock valued at $514,810,000 after buying an additional 1,069,388 shares during the last quarter. Finally, Brookfield Asset Management Inc. bought a new position in shares of American Electric Power during the first quarter valued at $56,864,000. 70.77% of the stock is currently owned by hedge funds and other institutional investors.
American Electric Power Company, Inc. (NYSE:AEP) opened at 72.16 on Monday. The company’s 50-day moving average price is $70.00 and its 200-day moving average price is $68.41. The company has a market cap of $35.49 billion, a PE ratio of 62.10 and a beta of 0.30. American Electric Power Company, Inc. has a 12-month low of $57.89 and a 12-month high of $72.97.
American Electric Power (NYSE:AEP) last posted its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.75 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by $0.07. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.70 billion. American Electric Power had a net margin of 3.60% and a return on equity of 10.32%. During the same quarter last year, the business posted $0.95 EPS. Equities analysts anticipate that American Electric Power Company, Inc. will post $3.66 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Thursday, August 10th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $2.36 annualized dividend and a yield of 3.27%. American Electric Power’s dividend payout ratio (DPR) is 203.45%.
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Several equities analysts have recently weighed in on AEP shares. Jefferies Group LLC raised their price objective on American Electric Power from $68.00 to $70.00 and gave the company a “hold” rating in a report on Friday, April 28th. Zacks Investment Research cut American Electric Power from a “hold” rating to a “sell” rating in a report on Friday, April 28th. Barclays PLC restated an “overweight” rating and issued a $76.00 price objective (up previously from $71.00) on shares of American Electric Power in a report on Sunday, April 23rd. BidaskClub cut American Electric Power from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Morgan Stanley restated an “equal weight” rating on shares of American Electric Power in a report on Monday, July 10th. Nine equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. American Electric Power currently has a consensus rating of “Hold” and a consensus target price of $72.17.
American Electric Power Company Profile
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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