Cordasco Financial Network reduced its stake in American Electric Power Co. (NYSE:AEP) by 7.4% during the second quarter, Holdings Channel reports. The institutional investor owned 15,740 shares of the company’s stock after selling 1,263 shares during the period. American Electric Power accounts for approximately 1.3% of Cordasco Financial Network’s holdings, making the stock its 16th largest position. Cordasco Financial Network’s holdings in American Electric Power were worth $1,103,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. Bank of Montreal Can acquired a new stake in shares of American Electric Power during the second quarter valued at about $261,970,000. Financial Architects Inc increased its stake in shares of American Electric Power by 6.3% in the second quarter. Financial Architects Inc now owns 4,370 shares of the company’s stock valued at $306,000 after buying an additional 259 shares in the last quarter. Trust Co. of Toledo NA OH increased its stake in shares of American Electric Power by 2.9% in the second quarter. Trust Co. of Toledo NA OH now owns 24,514 shares of the company’s stock valued at $1,718,000 after buying an additional 686 shares in the last quarter. Sigma Planning Corp increased its stake in shares of American Electric Power by 9.7% in the second quarter. Sigma Planning Corp now owns 12,057 shares of the company’s stock valued at $845,000 after buying an additional 1,070 shares in the last quarter. Finally, Oakbrook Investments LLC increased its stake in shares of American Electric Power by 19.2% in the second quarter. Oakbrook Investments LLC now owns 34,153 shares of the company’s stock valued at $2,394,000 after buying an additional 5,500 shares in the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

American Electric Power Co. (NYSE:AEP) traded up 0.94% during mid-day trading on Monday, reaching $65.42. The company’s stock had a trading volume of 2,185,863 shares. The company has a 50 day moving average of $66.17 and a 200-day moving average of $66.17. American Electric Power Co. has a 52-week low of $53.30 and a 52-week high of $71.32. The stock has a market cap of $32.17 billion, a PE ratio of 16.15 and a beta of 0.24.

American Electric Power (NYSE:AEP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $4.01 billion. American Electric Power had a return on equity of 9.54% and a net margin of 12.50%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 earnings per share. Equities analysts forecast that American Electric Power Co. will post $3.69 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.42%. American Electric Power’s dividend payout ratio (DPR) is 55.17%.

Several brokerages recently issued reports on AEP. Zacks Investment Research downgraded American Electric Power from a “buy” rating to a “hold” rating in a research note on Wednesday, September 14th. KeyCorp set a $72.50 price target on American Electric Power and gave the stock a “buy” rating in a research note on Monday, September 12th. Citigroup Inc. raised their price target on American Electric Power from $68.00 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, September 8th. Jefferies Group raised their price target on American Electric Power from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Finally, Barclays PLC raised their price target on American Electric Power from $75.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, July 29th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $68.11.

About American Electric Power

American Electric Power Company, Inc (AEP) is a public utility holding company that owns, directly or indirectly, all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries. The Company’s segments include Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing.

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