American Electric Power (NYSE:AEP) had its price objective lifted by Morgan Stanley from $87.00 to $88.00 in a report published on Thursday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the utilities provider’s stock.
A number of other equities analysts have also recently issued reports on AEP. Zacks Investment Research cut shares of American Electric Power from a hold rating to a sell rating in a report on Wednesday, January 23rd. JPMorgan Chase & Co. raised shares of American Electric Power from a neutral rating to an overweight rating and raised their target price for the stock from $78.00 to $88.00 in a report on Tuesday, March 12th. Goldman Sachs Group cut shares of American Electric Power from a buy rating to a neutral rating and set a $78.00 target price on the stock. in a report on Monday, April 8th. UBS Group raised their target price on shares of American Electric Power from $89.00 to $94.00 and gave the stock a buy rating in a report on Thursday, May 9th. Finally, Wells Fargo & Co raised their target price on shares of American Electric Power from $89.00 to $93.00 and gave the stock an outperform rating in a report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $81.63.
Shares of AEP stock opened at $85.85 on Thursday. The company has a current ratio of 0.49, a quick ratio of 0.37 and a debt-to-equity ratio of 1.19. American Electric Power has a one year low of $62.71 and a one year high of $86.54. The stock has a market cap of $42.35 billion, a PE ratio of 21.73, a P/E/G ratio of 3.68 and a beta of 0.17.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.67 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.12%. American Electric Power’s dividend payout ratio (DPR) is presently 67.85%.
In other news, CEO Nicholas K. Akins sold 11,152 shares of American Electric Power stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $84.94, for a total transaction of $947,250.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP David Matthew Feinberg sold 4,535 shares of American Electric Power stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $85.72, for a total value of $388,740.20. Following the sale, the executive vice president now directly owns 9,674 shares in the company, valued at approximately $829,255.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,582 shares of company stock worth $1,842,763. Corporate insiders own 0.16% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Teachers Advisors LLC increased its stake in shares of American Electric Power by 5.9% during the third quarter. Teachers Advisors LLC now owns 1,283,434 shares of the utilities provider’s stock valued at $90,970,000 after acquiring an additional 71,732 shares during the period. Morgan Stanley increased its stake in shares of American Electric Power by 24.0% during the third quarter. Morgan Stanley now owns 3,695,743 shares of the utilities provider’s stock valued at $261,954,000 after acquiring an additional 714,473 shares during the period. Vanguard Group Inc increased its stake in shares of American Electric Power by 1.6% during the third quarter. Vanguard Group Inc now owns 37,558,524 shares of the utilities provider’s stock valued at $2,662,148,000 after acquiring an additional 584,608 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of American Electric Power during the fourth quarter valued at approximately $419,000. Finally, First Citizens Bank & Trust Co. acquired a new position in shares of American Electric Power during the fourth quarter valued at approximately $698,000. 73.99% of the stock is currently owned by institutional investors.
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. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.
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