Corebridge Financial Inc. Has $14.48 Million Holdings in American Electric Power Company, Inc. (NASDAQ:AEP)

Corebridge Financial Inc. lessened its stake in American Electric Power Company, Inc. (NASDAQ:AEP) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,034 shares of the company’s stock after selling 5,916 shares during the quarter. Corebridge Financial Inc.’s holdings in American Electric Power were worth $14,483,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AEP. Congress Wealth Management LLC DE bought a new position in American Electric Power during the fourth quarter valued at $675,000. Crowley Wealth Management Inc. purchased a new stake in shares of American Electric Power in the 4th quarter valued at about $419,000. Vanguard Group Inc. grew its holdings in shares of American Electric Power by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 51,690,606 shares of the company’s stock worth $4,767,425,000 after purchasing an additional 763,813 shares in the last quarter. LPL Financial LLC increased its position in shares of American Electric Power by 12.9% in the fourth quarter. LPL Financial LLC now owns 987,885 shares of the company’s stock worth $91,113,000 after purchasing an additional 112,807 shares during the last quarter. Finally, Richwood Investment Advisors LLC raised its stake in American Electric Power by 7.9% in the fourth quarter. Richwood Investment Advisors LLC now owns 3,668 shares of the company’s stock valued at $338,000 after purchasing an additional 270 shares in the last quarter. 75.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Bank of America increased their target price on American Electric Power from $108.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Morgan Stanley raised their price objective on American Electric Power from $108.00 to $113.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $102.00 target price (down previously from $109.00) on shares of American Electric Power in a research note on Thursday, December 12th. Scotiabank downgraded shares of American Electric Power from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $105.00 to $102.00 in a research note on Thursday, December 12th. Finally, Guggenheim raised shares of American Electric Power from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $99.92.

American Electric Power Stock Performance

AEP stock opened at $102.50 on Wednesday. The stock’s 50 day simple moving average is $102.24 and its 200 day simple moving average is $99.05. The company has a current ratio of 0.44, a quick ratio of 0.31 and a debt-to-equity ratio of 1.46. American Electric Power Company, Inc. has a 12-month low of $79.16 and a 12-month high of $109.52. The stock has a market capitalization of $54.70 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 2.97 and a beta of 0.50.

American Electric Power (NASDAQ:AEP) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.24 earnings per share (EPS) for the quarter, meeting 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 quarter in the prior year, the company earned $1.23 EPS. As a group, research analysts forecast that American Electric Power Company, Inc. will post 5.87 earnings per share for the current fiscal year.

American Electric Power Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Monday, February 10th were issued a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Monday, February 10th. American Electric Power’s dividend payout ratio is currently 66.43%.

American Electric Power 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.