Pallas Capital Advisors LLC Purchases New Position in American Electric Power Company, Inc. (NASDAQ:AEP)

Pallas Capital Advisors LLC purchased a new stake in American Electric Power Company, Inc. (NASDAQ:AEP) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,954 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. W.H. Cornerstone Investments Inc. raised its holdings in shares of American Electric Power by 89.7% in the fourth quarter. W.H. Cornerstone Investments Inc. now owns 6,398 shares of the company’s stock valued at $590,000 after buying an additional 3,026 shares during the last quarter. Certuity LLC purchased a new stake in shares of American Electric Power in the fourth quarter valued at about $245,000. Avidian Wealth Enterprises LLC purchased a new stake in shares of American Electric Power in the fourth quarter valued at about $372,000. GQG Partners LLC raised its holdings in shares of American Electric Power by 3.7% in the fourth quarter. GQG Partners LLC now owns 15,060,525 shares of the company’s stock valued at $1,389,032,000 after buying an additional 543,054 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of American Electric Power by 34.5% in the fourth quarter. Allworth Financial LP now owns 15,586 shares of the company’s stock valued at $1,519,000 after buying an additional 4,000 shares during the last quarter. 75.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Electric Power

In other news, EVP David Matthew Feinberg sold 8,058 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $101.49, for a total value of $817,806.42. Following the sale, the executive vice president now directly owns 18,332 shares in the company, valued at $1,860,514.68. This represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Quinton S. Lies sold 10,141 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $102.68, for a total transaction of $1,041,277.88. Following the completion of the sale, the executive vice president now owns 9,658 shares in the company, valued at $991,683.44. This represents a 51.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,256 shares of company stock valued at $2,688,472. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analyst Weigh In

AEP has been the subject of a number of research reports. Citigroup upped their target price on shares of American Electric Power from $102.00 to $109.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Wells Fargo & Company upped their target price on shares of American Electric Power from $107.00 to $114.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Bank of America upped their target price on shares of American Electric Power from $108.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Guggenheim raised their price objective on shares of American Electric Power from $109.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Finally, Barclays boosted their target price on American Electric Power from $95.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $108.31.

American Electric Power Trading Down 0.1%

Shares of American Electric Power stock opened at $102.90 on Friday. American Electric Power Company, Inc. has a 12-month low of $85.93 and a 12-month high of $110.48. The company has a current ratio of 0.44, a quick ratio of 0.31 and a debt-to-equity ratio of 1.46. The stock has a market cap of $54.97 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.97 and a beta of 0.42. The company has a 50-day moving average of $104.17 and a two-hundred day moving average of $101.12.

American Electric Power (NASDAQ:AEP) last issued its earnings results on Tuesday, May 6th. The company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.14. American Electric Power had a net margin of 15.08% and a return on equity of 11.27%. The company had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same period last year, the company posted $1.27 earnings per share. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, research analysts anticipate that American Electric Power Company, Inc. will post 5.87 EPS for the current fiscal year.

American Electric Power Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were issued a $0.93 dividend. The ex-dividend date was Friday, May 9th. This represents a $3.72 dividend on an annualized basis and a yield of 3.62%. American Electric Power’s dividend payout ratio (DPR) is presently 71.68%.

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.