Cullen Frost Bankers Inc. grew its stake in shares of American Electric Power Company Inc (NYSE:AEP) by 33.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,059 shares of the utilities provider’s stock after purchasing an additional 4,810 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in American Electric Power were worth $1,596,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Legacy Advisors LLC acquired a new position in American Electric Power in the first quarter valued at approximately $25,000. Sageworth Trust Co boosted its stake in American Electric Power by 1,026.9% in the first quarter. Sageworth Trust Co now owns 293 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 267 shares during the period. Capital Financial Planning LLC acquired a new position in American Electric Power in the fourth quarter valued at approximately $26,000. Athena Capital Advisors LLC acquired a new position in American Electric Power in the fourth quarter valued at approximately $27,000. Finally, Claybrook Capital LLC acquired a new position in American Electric Power in the fourth quarter valued at approximately $27,000. Institutional investors own 72.63% of the company’s stock.
In other American Electric Power news, VP Brian X. Tierney sold 4,392 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $86.02, for a total transaction of $377,799.84. Following the sale, the vice president now directly owns 39,449 shares of the company’s stock, valued at approximately $3,393,402.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Nicholas K. Akins sold 11,152 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $84.94, for a total transaction of $947,250.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,885 shares of company stock worth $1,955,499. Company insiders own 0.16% of the company’s stock.
Shares of NYSE AEP traded up $0.11 during trading on Friday, hitting $88.29. The company had a trading volume of 1,467,900 shares, compared to its average volume of 2,625,347. The stock has a market capitalization of $42.72 billion, a P/E ratio of 22.35, a P/E/G ratio of 3.72 and a beta of 0.17. American Electric Power Company Inc has a 52 week low of $62.71 and a 52 week high of $89.01. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.37 and a current ratio of 0.49.
American Electric Power (NYSE:AEP) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.09. American Electric Power had a return on equity of 10.81% and a net margin of 12.64%. The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter in the prior year, the company earned $0.96 earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis. On average, research analysts forecast that American Electric Power Company Inc will post 4.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Thursday, May 9th. American Electric Power’s dividend payout ratio (DPR) is currently 67.85%.
Several equities analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on American Electric Power from $87.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 16th. Wolfe Research set a $89.00 price objective on American Electric Power and gave the stock a “buy” rating in a research report on Friday, April 26th. Wells Fargo & Co upped their target price on American Electric Power from $89.00 to $93.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Goldman Sachs Group downgraded American Electric Power from a “buy” rating to a “neutral” rating and set a $78.00 target price for the company. in a research report on Monday, April 8th. Finally, Zacks Investment Research upgraded American Electric Power from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Monday, March 18th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $81.63.
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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. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.
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