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

SouthState Corp trimmed its holdings in shares of American Electric Power Company, Inc. (NASDAQ:AEP) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 quarter.

A number of other hedge funds have also bought and sold shares of the business. Lazard Asset Management LLC increased its stake in shares of American Electric Power by 9.9% during the 1st quarter. Lazard Asset Management LLC now owns 8,586,577 shares of the company’s stock worth $739,303,000 after purchasing an additional 776,965 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in American Electric Power by 8.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 4,543,771 shares of the company’s stock worth $466,191,000 after buying an additional 341,846 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of American Electric Power by 1.1% in the second quarter. Envestnet Asset Management Inc. now owns 3,378,543 shares of the company’s stock valued at $296,433,000 after buying an additional 35,769 shares during the period. Pathway Financial Advisers LLC lifted its position in shares of American Electric Power by 10,177.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,982,444 shares of the company’s stock valued at $203,399,000 after buying an additional 1,963,154 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of American Electric Power by 51.1% during the 2nd quarter. Raymond James & Associates now owns 1,844,968 shares of the company’s stock worth $161,877,000 after acquiring an additional 623,789 shares during the period. 75.24% of the stock is currently owned by institutional investors.

American Electric Power Stock Up 0.2 %

AEP stock opened at $96.70 on Wednesday. American Electric Power Company, Inc. has a 1-year low of $75.22 and a 1-year high of $105.18. The stock has a market cap of $51.46 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 2.78 and a beta of 0.55. The company has a current ratio of 0.57, a quick ratio of 0.41 and a debt-to-equity ratio of 1.47. The company’s 50 day moving average is $99.47 and its 200 day moving average is $95.38.

American Electric Power Increases Dividend

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

Analyst Ratings Changes

AEP has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on American Electric Power from $108.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Bank of America upped their price target on shares of American Electric Power from $97.00 to $98.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Barclays lifted their price objective on shares of American Electric Power from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Morgan Stanley increased their target price on American Electric Power from $102.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. Finally, Evercore ISI reduced their price target on American Electric Power from $97.00 to $96.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $98.27.

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.