Scotiabank Downgrades American Electric Power (NASDAQ:AEP) to Sector Perform

Scotiabank lowered shares of American Electric Power (NASDAQ:AEP) from a sector outperform rating to a sector perform rating in a research note released on Thursday morning, Marketbeat reports. The brokerage currently has $102.00 price objective on the stock, down from their previous price objective of $105.00.

A number of other equities analysts have also recently commented on the company. Bank of America raised their target price on American Electric Power from $97.00 to $98.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $102.00 price objective (down previously from $109.00) on shares of American Electric Power in a research report on Thursday. UBS Group upped their price target on American Electric Power from $91.00 to $95.00 and gave the stock a “sell” rating in a report on Thursday, November 7th. BMO Capital Markets boosted their price objective on American Electric Power from $104.00 to $108.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Finally, Jefferies Financial Group assumed coverage on shares of American Electric Power in a research note on Friday, September 20th. They issued a “hold” rating and a $107.00 price target for the company. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $97.13.

American Electric Power Stock Performance

Shares of American Electric Power stock opened at $92.85 on Thursday. The business’s fifty day simple moving average is $97.65 and its 200-day simple moving average is $96.03. The company has a quick ratio of 0.41, a current ratio of 0.57 and a debt-to-equity ratio of 1.47. The firm has a market cap of $49.41 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 2.77 and a beta of 0.55. American Electric Power has a 52 week low of $75.22 and a 52 week high of $105.18.

American Electric Power Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 4.01%. This is an increase from American Electric Power’s previous quarterly dividend of $0.88. The ex-dividend date was Friday, November 8th. American Electric Power’s payout ratio is presently 74.55%.

Hedge Funds Weigh In On American Electric Power

Several hedge funds and other institutional investors have recently modified their holdings of AEP. HHM Wealth Advisors LLC grew its stake in shares of American Electric Power by 57.2% in the second quarter. HHM Wealth Advisors LLC now owns 283 shares of the company’s stock valued at $25,000 after buying an additional 103 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in American Electric Power during the 3rd quarter worth approximately $25,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of American Electric Power during the third quarter worth approximately $33,000. LRI Investments LLC raised its holdings in American Electric Power by 935.9% in the second quarter. LRI Investments LLC now owns 404 shares of the company’s stock valued at $35,000 after acquiring an additional 365 shares in the last quarter. Finally, Briaud Financial Planning Inc grew its holdings in American Electric Power by 52.1% during the 2nd quarter. Briaud Financial Planning Inc now owns 438 shares of the company’s stock worth $38,000 after acquiring an additional 150 shares in the last quarter. 75.24% of the stock is owned by institutional investors and hedge funds.

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.