Convergence Investment Partners LLC Buys New Position in American Electric Power Company, Inc. $AEP

Convergence Investment Partners LLC bought a new stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP) in the third quarter, Holdings Channel.com reports. The fund bought 11,350 shares of the company’s stock, valued at approximately $1,277,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. West Family Investments Inc. purchased a new stake in shares of American Electric Power in the second quarter valued at about $256,000. Commerzbank Aktiengesellschaft FI boosted its stake in shares of American Electric Power by 462.1% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 52,953 shares of the company’s stock worth $5,958,000 after buying an additional 43,533 shares during the last quarter. Benjamin Edwards Inc. increased its position in shares of American Electric Power by 228.6% during the third quarter. Benjamin Edwards Inc. now owns 51,659 shares of the company’s stock valued at $5,812,000 after acquiring an additional 35,938 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in American Electric Power by 9.0% during the second quarter. Apollon Wealth Management LLC now owns 26,240 shares of the company’s stock worth $2,723,000 after acquiring an additional 2,175 shares during the period. Finally, Invesco Ltd. boosted its position in American Electric Power by 5.9% in the second quarter. Invesco Ltd. now owns 7,802,211 shares of the company’s stock worth $809,557,000 after purchasing an additional 432,441 shares during the last quarter. Institutional investors and hedge funds own 75.24% of the company’s stock.

Insider Buying and Selling

In other news, Director Benjamin G. S. Fowke III sold 5,000 shares of the company’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $115.07, for a total value of $575,350.00. Following the transaction, the director owned 25,898 shares of the company’s stock, valued at approximately $2,980,082.86. This represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.07% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AEP shares. Citigroup raised their target price on American Electric Power from $111.00 to $132.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Morgan Stanley restated an “overweight” rating and set a $125.00 price objective on shares of American Electric Power in a report on Wednesday, January 21st. TD Cowen raised shares of American Electric Power to a “strong-buy” rating in a research report on Thursday, October 30th. UBS Group lowered their price target on shares of American Electric Power from $114.00 to $107.00 and set a “sell” rating on the stock in a report on Wednesday, December 17th. Finally, The Goldman Sachs Group increased their price objective on American Electric Power from $128.00 to $133.00 in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, American Electric Power has a consensus rating of “Moderate Buy” and an average target price of $127.39.

American Electric Power Stock Down 1.2%

Shares of NASDAQ AEP opened at $118.33 on Tuesday. The business has a 50-day simple moving average of $117.18 and a two-hundred day simple moving average of $115.18. American Electric Power Company, Inc. has a 52 week low of $97.32 and a 52 week high of $124.80. The company has a market cap of $63.20 billion, a P/E ratio of 17.25, a P/E/G ratio of 2.86 and a beta of 0.63. The company has a quick ratio of 0.53, a current ratio of 0.69 and a debt-to-equity ratio of 1.41.

American Electric Power Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th will be paid a $0.95 dividend. The ex-dividend date is Tuesday, February 10th. This represents a $3.80 annualized dividend and a yield of 3.2%. American Electric Power’s dividend payout ratio is currently 55.39%.

American Electric Power Company Profile

American Electric Power (NASDAQ: AEP) is a major investor-owned electric utility headquartered in Columbus, Ohio. The company is primarily engaged in the generation, transmission and distribution of electricity, operating a diverse portfolio of power plants and an extensive high-voltage transmission network. AEP serves retail customers through its regulated utility subsidiaries and provides wholesale power and grid services across multiple regional markets in the United States.

Operations span the full utility value chain: AEP owns and operates generation assets that include fossil-fuel, natural gas, nuclear and hydropower facilities, and it has been adding renewable resources to its mix.