Bank of America upgraded shares of American Electric Power (NASDAQ:AEP – Free Report) from an underperform rating to a buy rating in a report published on Monday, MarketBeat.com reports. They currently have $104.00 target price on the stock, up from their previous target price of $98.00.
Several other analysts also recently weighed in on the stock. Barclays cut their price objective on shares of American Electric Power from $100.00 to $99.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 26th. Morgan Stanley cut their price objective on shares of American Electric Power from $109.00 to $104.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Scotiabank downgraded shares of American Electric Power from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $105.00 to $102.00 in a research report on Thursday, December 12th. BMO Capital Markets dropped their price target on shares of American Electric Power from $108.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Evercore ISI dropped their price target on shares of American Electric Power from $97.00 to $96.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, American Electric Power has an average rating of “Hold” and an average target price of $98.00.
Read Our Latest Stock Report on American Electric Power
American Electric Power Price Performance
American Electric Power Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a $0.93 dividend. The ex-dividend date was Friday, November 8th. This is a positive change from American Electric Power’s previous quarterly dividend of $0.88. This represents a $3.72 annualized dividend and a yield of 3.93%. American Electric Power’s payout ratio is 74.55%.
Hedge Funds Weigh In On American Electric Power
A number of institutional investors have recently modified their holdings of the company. American Century Companies Inc. raised its position in American Electric Power by 51.1% in the 2nd quarter. American Century Companies Inc. now owns 257,372 shares of the company’s stock valued at $22,582,000 after buying an additional 87,075 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in American Electric Power by 5.5% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 43,522 shares of the company’s stock valued at $3,819,000 after purchasing an additional 2,271 shares during the period. DekaBank Deutsche Girozentrale grew its stake in American Electric Power by 1.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 130,313 shares of the company’s stock valued at $11,523,000 after purchasing an additional 2,142 shares during the period. Thoroughbred Financial Services LLC bought a new position in American Electric Power in the 2nd quarter valued at $217,000. Finally, Wealthspire Advisors LLC grew its stake in shares of American Electric Power by 1.6% during the 2nd quarter. Wealthspire Advisors LLC now owns 16,100 shares of the company’s stock worth $1,413,000 after acquiring an additional 256 shares during the period. 75.24% of the stock is owned by institutional investors and hedge funds.
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.
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