Summit Global Investments Increases Stock Position in American Electric Power Company, Inc. (NASDAQ:AEP)

Summit Global Investments boosted its stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP) by 273.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,279 shares of the company’s stock after buying an additional 10,454 shares during the quarter. Summit Global Investments’ holdings in American Electric Power were worth $1,253,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of AEP. Frazier Financial Advisors LLC purchased a new position in American Electric Power during the fourth quarter worth about $26,000. Denali Advisors LLC acquired a new stake in American Electric Power in the first quarter valued at approximately $26,000. Rise Advisors LLC acquired a new stake in American Electric Power in the first quarter valued at approximately $27,000. YHB Investment Advisors Inc. acquired a new stake in American Electric Power in the first quarter valued at approximately $29,000. Finally, Wetzel Investment Advisors Inc. acquired a new stake in American Electric Power in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 75.24% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

AEP has been the topic of a number of research analyst reports. Scotiabank raised their price objective on shares of American Electric Power from $99.00 to $108.00 and gave the stock a “sector outperform” rating in a report on Tuesday. StockNews.com upgraded shares of American Electric Power from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. Bank of America lowered shares of American Electric Power from a “neutral” rating to an “underperform” rating and raised their target price for the stock from $96.00 to $97.00 in a research report on Tuesday, August 6th. LADENBURG THALM/SH SH upgraded shares of American Electric Power from a “sell” rating to a “neutral” rating and raised their target price for the stock from $73.00 to $86.00 in a research report on Thursday, June 6th. Finally, Morgan Stanley lowered their target price on shares of American Electric Power from $98.00 to $94.00 and set an “overweight” rating on the stock in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, American Electric Power has a consensus rating of “Hold” and an average target price of $94.08.

American Electric Power Stock Performance

NASDAQ:AEP traded up $0.71 during midday trading on Wednesday, reaching $98.35. The stock had a trading volume of 700,261 shares, compared to its average volume of 3,258,683. The stock has a market cap of $51.84 billion, a P/E ratio of 18.12, a P/E/G ratio of 2.92 and a beta of 0.53. American Electric Power Company, Inc. has a 12-month low of $69.38 and a 12-month high of $104.41. The firm has a fifty day simple moving average of $92.60 and a two-hundred day simple moving average of $87.74. The company has a quick ratio of 0.37, a current ratio of 0.65 and a debt-to-equity ratio of 1.53.

American Electric Power (NASDAQ:AEP) last issued its earnings results on Tuesday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.23 by $0.02. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.74 billion. American Electric Power had a net margin of 13.52% and a return on equity of 11.31%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 EPS. On average, equities analysts expect that American Electric Power Company, Inc. will post 5.59 EPS for the current year.

American Electric Power Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a dividend of $0.88 per share. The ex-dividend date is Friday, August 9th. This represents a $3.52 annualized dividend and a dividend yield of 3.58%. American Electric Power’s payout ratio is currently 65.31%.

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