Cornerstone Advisors LLC Sells 1,900 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Cornerstone Advisors LLC lowered its stake in American Electric Power Company, Inc. (NASDAQ:AEP) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 39,000 shares of the company’s stock after selling 1,900 shares during the quarter. Cornerstone Advisors LLC’s holdings in American Electric Power were worth $3,358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AEP. Hodges Capital Management Inc. bought a new position in shares of American Electric Power during the first quarter worth about $1,615,000. Rockline Wealth Management LLC acquired a new position in American Electric Power during the 4th quarter worth approximately $1,982,000. Quantbot Technologies LP bought a new position in shares of American Electric Power during the 1st quarter worth approximately $1,731,000. Nordea Investment Management AB raised its holdings in shares of American Electric Power by 381.9% in the first quarter. Nordea Investment Management AB now owns 1,995,884 shares of the company’s stock valued at $171,127,000 after purchasing an additional 1,581,734 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of American Electric Power by 21.7% in the first quarter. ProShare Advisors LLC now owns 582,692 shares of the company’s stock worth $50,170,000 after purchasing an additional 103,771 shares in the last quarter. Institutional investors and hedge funds own 75.24% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on AEP. Royal Bank of Canada raised their target price on shares of American Electric Power from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. BMO Capital Markets lifted their target price on American Electric Power from $95.00 to $99.00 and gave the company an “outperform” rating in a research report on Tuesday, May 14th. StockNews.com raised American Electric Power from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. Wells Fargo & Company boosted their price target on American Electric Power from $84.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 1st. Finally, Scotiabank raised their target price on shares of American Electric Power from $86.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, American Electric Power currently has a consensus rating of “Hold” and an average price target of $88.62.

American Electric Power Stock Performance

Shares of NASDAQ:AEP traded down $0.35 on Friday, hitting $93.14. The company had a trading volume of 2,072,893 shares, compared to its average volume of 2,349,047. American Electric Power Company, Inc. has a 1-year low of $69.38 and a 1-year high of $94.72. The stock has a market cap of $49.10 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.76 and a beta of 0.53. The stock has a 50 day moving average price of $89.34 and a 200 day moving average price of $85.02. The company has a current ratio of 0.54, a quick ratio of 0.37 and a debt-to-equity ratio of 1.50.

American Electric Power (NASDAQ:AEP) last announced its earnings results on Tuesday, April 30th. The company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.25 by $0.02. The business had revenue of $5 billion during the quarter, compared to the consensus estimate of $5.02 billion. American Electric Power had a net margin of 14.60% and a return on equity of 11.23%. American Electric Power’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.11 EPS. Analysts expect that American Electric Power Company, Inc. will post 5.58 EPS for the current year.

American Electric Power Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were paid a dividend of $0.88 per share. The ex-dividend date was Thursday, May 9th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.78%. American Electric Power’s dividend payout ratio (DPR) is currently 65.31%.

Insider Buying and Selling

In other American Electric Power news, EVP Greg B. Hall sold 5,880 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $88.25, for a total value of $518,910.00. Following the transaction, the executive vice president now directly owns 6,385 shares of the company’s stock, valued at approximately $563,476.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Antonio P. Smyth sold 4,898 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $90.00, for a total transaction of $440,820.00. Following the transaction, the executive vice president now directly owns 6,446 shares of the company’s stock, valued at $580,140. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg B. Hall sold 5,880 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $88.25, for a total value of $518,910.00. Following the completion of the sale, the executive vice president now owns 6,385 shares of the company’s stock, valued at $563,476.25. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by insiders.

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. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.