Granite Bay Wealth Management LLC Invests $2.30 Million in American Electric Power Company, Inc. (NASDAQ:AEP)

Granite Bay Wealth Management LLC acquired a new position in shares of American Electric Power Company, Inc. (NASDAQ:AEP) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 26,292 shares of the company’s stock, valued at approximately $2,297,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in AEP. Dorsey & Whitney Trust CO LLC grew its stake in shares of American Electric Power by 7.8% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 3,396 shares of the company’s stock worth $276,000 after purchasing an additional 246 shares during the period. KBC Group NV grew its stake in shares of American Electric Power by 18.3% during the 4th quarter. KBC Group NV now owns 38,743 shares of the company’s stock worth $3,147,000 after purchasing an additional 5,993 shares during the period. Jones Financial Companies Lllp grew its stake in American Electric Power by 100.8% in the 4th quarter. Jones Financial Companies Lllp now owns 5,234 shares of the company’s stock valued at $425,000 after acquiring an additional 2,627 shares during the period. The Manufacturers Life Insurance Company grew its stake in American Electric Power by 3.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 861,127 shares of the company’s stock valued at $69,941,000 after acquiring an additional 26,927 shares during the period. Finally, NEOS Investment Management LLC grew its stake in American Electric Power by 8.5% in the 4th quarter. NEOS Investment Management LLC now owns 24,886 shares of the company’s stock valued at $2,021,000 after acquiring an additional 1,958 shares during the period. Institutional investors and hedge funds own 75.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of American Electric Power in a research note on Friday, September 20th. They issued a “hold” rating and a $107.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of American Electric Power from $101.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Guggenheim lifted their price target on shares of American Electric Power from $81.00 to $83.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Bank of America lifted their price target on shares of American Electric Power from $97.00 to $98.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Finally, LADENBURG THALM/SH SH raised shares of American Electric Power from a “sell” rating to a “neutral” rating and lifted their price target for the company from $73.00 to $86.00 in a research note on Thursday, June 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $96.43.

American Electric Power Stock Up 0.7 %

NASDAQ AEP opened at $102.60 on Tuesday. American Electric Power Company, Inc. has a 52 week low of $69.38 and a 52 week high of $105.18. The company has a quick ratio of 0.48, a current ratio of 0.65 and a debt-to-equity ratio of 1.53. The business’s fifty day simple moving average is $99.87 and its 200-day simple moving average is $91.83. The firm has a market cap of $54.08 billion, a PE ratio of 19.04, a P/E/G ratio of 2.93 and a beta of 0.54.

American Electric Power (NASDAQ:AEP) last posted its quarterly 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. American Electric Power had a return on equity of 11.31% and a net margin of 13.52%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts anticipate that American Electric Power Company, Inc. will post 5.6 earnings per share for the current year.

American Electric Power Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a $0.88 dividend. The ex-dividend date was Friday, August 9th. This represents a $3.52 annualized dividend and a yield of 3.43%. American Electric Power’s dividend payout ratio (DPR) 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.