Corebridge Financial Inc. Sells 5,916 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Corebridge Financial Inc. reduced its stake in American Electric Power Company, Inc. (NASDAQ:AEP) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in American Electric Power by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 51,690,606 shares of the company’s stock worth $4,767,425,000 after buying an additional 763,813 shares in the last quarter. State Street Corp grew its stake in shares of American Electric Power by 4.3% during the 3rd quarter. State Street Corp now owns 26,902,755 shares of the company’s stock valued at $2,760,223,000 after acquiring an additional 1,114,954 shares during the period. Geode Capital Management LLC increased its holdings in American Electric Power by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 12,524,692 shares of the company’s stock worth $1,280,655,000 after acquiring an additional 352,588 shares in the last quarter. FMR LLC raised its stake in American Electric Power by 18.8% during the 3rd quarter. FMR LLC now owns 6,866,952 shares of the company’s stock worth $704,549,000 after acquiring an additional 1,087,163 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in American Electric Power by 2.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,644,349 shares of the company’s stock valued at $427,009,000 after purchasing an additional 100,578 shares in the last quarter. 75.24% of the stock is currently owned by hedge funds and other institutional investors.

American Electric Power Trading Down 1.6 %

AEP opened at $102.50 on Wednesday. American Electric Power Company, Inc. has a 12 month low of $79.16 and a 12 month high of $109.52. The company has a current ratio of 0.44, a quick ratio of 0.31 and a debt-to-equity ratio of 1.46. The stock has a 50-day moving average of $102.24 and a 200 day moving average of $99.05. The firm has a market cap of $54.70 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.97 and a beta of 0.50.

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

American Electric Power Announces Dividend

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

Wall Street Analysts Forecast Growth

AEP has been the subject of a number of analyst reports. Scotiabank downgraded shares of American Electric Power from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the company from $105.00 to $102.00 in a research report on Thursday, December 12th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $102.00 price target (down previously from $109.00) on shares of American Electric Power in a research note on Thursday, December 12th. Barclays lowered their price objective on American Electric Power from $100.00 to $99.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 26th. Bank of America increased their target price on American Electric Power from $108.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Finally, Guggenheim upgraded American Electric Power from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $99.92.

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.