Summit Financial LLC Purchases 9,367 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Summit Financial LLC raised its position in American Electric Power Company, Inc. (NASDAQ:AEP) by 46.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,742 shares of the company’s stock after purchasing an additional 9,367 shares during the quarter. Summit Financial LLC’s holdings in American Electric Power were worth $2,743,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in American Electric Power in the 3rd quarter valued at approximately $25,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of American Electric Power during the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of American Electric Power during the fourth quarter worth $32,000. Safe Harbor Fiduciary LLC bought a new stake in shares of American Electric Power in the third quarter worth $33,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in American Electric Power in the fourth quarter valued at $35,000. 75.24% of the stock is owned by institutional investors and hedge funds.

American Electric Power Stock Up 2.2 %

AEP opened at $109.27 on Tuesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.44 and a quick ratio of 0.31. The firm has a market capitalization of $58.32 billion, a P/E ratio of 19.51, a PEG ratio of 2.97 and a beta of 0.50. American Electric Power Company, Inc. has a fifty-two week low of $79.16 and a fifty-two week high of $109.76. The company’s 50-day moving average is $103.02 and its 200 day moving average is $99.14.

American Electric Power (NASDAQ:AEP) last announced its earnings results on Thursday, February 13th. The company reported $1.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.24. American Electric Power had a return on equity of 11.27% and a net margin of 15.08%. During the same period in the prior year, the firm posted $1.23 EPS. Research analysts expect that American Electric Power Company, Inc. will post 5.87 earnings per share for the current fiscal year.

American Electric Power Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Monday, February 10th were paid a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Monday, February 10th. American Electric Power’s payout ratio is 66.43%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AEP. Guggenheim raised American Electric Power from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Morgan Stanley upped their target price on American Electric Power from $108.00 to $113.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. Scotiabank lowered shares of American Electric Power from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $105.00 to $102.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $102.00 price objective (down from $109.00) on shares of American Electric Power in a research note on Thursday, December 12th. Finally, Bank of America lifted their target price on shares of American Electric Power from $108.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $100.77.

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.