SouthState Corp Cuts Stake in American Electric Power Company, Inc. (NASDAQ:AEP)

SouthState Corp cut its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP) by 1.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,509 shares of the company’s stock after selling 125 shares during the quarter. SouthState Corp’s holdings in American Electric Power were worth $668,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. HHM Wealth Advisors LLC boosted its holdings in American Electric Power by 57.2% during the 2nd quarter. HHM Wealth Advisors LLC now owns 283 shares of the company’s stock valued at $25,000 after acquiring an additional 103 shares during the period. LRI Investments LLC boosted its stake in shares of American Electric Power by 935.9% during the second quarter. LRI Investments LLC now owns 404 shares of the company’s stock valued at $35,000 after purchasing an additional 365 shares during the period. Briaud Financial Planning Inc grew its holdings in shares of American Electric Power by 52.1% in the second quarter. Briaud Financial Planning Inc now owns 438 shares of the company’s stock worth $38,000 after purchasing an additional 150 shares during the last quarter. Naples Money Management LLC purchased a new position in shares of American Electric Power in the second quarter worth $44,000. Finally, Opal Wealth Advisors LLC bought a new stake in American Electric Power during the 2nd quarter valued at $48,000. 75.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on AEP. Scotiabank upped their price objective on shares of American Electric Power from $99.00 to $108.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. BMO Capital Markets decreased their price target on shares of American Electric Power from $111.00 to $104.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Jefferies Financial Group initiated coverage on American Electric Power in a research report on Friday, September 20th. They set a “hold” rating and a $107.00 price objective on the stock. Wells Fargo & Company decreased their target price on American Electric Power from $104.00 to $102.00 and set an “equal weight” rating for the company in a research report on Thursday, November 7th. Finally, Barclays lifted their price target on American Electric Power from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.27.

American Electric Power Stock Up 0.2 %

NASDAQ:AEP opened at $96.70 on Wednesday. The firm has a 50-day simple moving average of $99.47 and a two-hundred day simple moving average of $95.38. American Electric Power Company, Inc. has a fifty-two week low of $75.22 and a fifty-two week high of $105.18. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.41 and a current ratio of 0.57. The firm has a market cap of $51.46 billion, a P/E ratio of 19.38, a P/E/G ratio of 2.78 and a beta of 0.55.

American Electric Power Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a dividend of $0.93 per share. The ex-dividend date is Friday, November 8th. This is a boost from American Electric Power’s previous quarterly dividend of $0.88. This represents a $3.72 annualized dividend and a dividend yield of 3.85%. American Electric Power’s dividend payout ratio (DPR) is 74.55%.

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. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.