PNC Financial Services Group Inc. Decreases Holdings in American Electric Power Company, Inc. (NASDAQ:AEP)

PNC Financial Services Group Inc. reduced its position in shares of American Electric Power Company, Inc. (NASDAQ:AEP - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 565,166 shares of the company's stock after selling 20,333 shares during the period. PNC Financial Services Group Inc. owned about 0.11% of American Electric Power worth $57,986,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AEP. OLD National Bancorp IN grew its stake in shares of American Electric Power by 14.4% in the 2nd quarter. OLD National Bancorp IN now owns 120,489 shares of the company's stock worth $10,572,000 after purchasing an additional 15,138 shares during the last quarter. MainStreet Investment Advisors LLC boosted its holdings in American Electric Power by 13.2% in the second quarter. MainStreet Investment Advisors LLC now owns 42,517 shares of the company's stock worth $3,730,000 after purchasing an additional 4,971 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in American Electric Power by 1,140.5% during the second quarter. Assenagon Asset Management S.A. now owns 456,686 shares of the company's stock valued at $40,070,000 after purchasing an additional 419,870 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in American Electric Power by 2.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 263,368 shares of the company's stock worth $22,697,000 after acquiring an additional 5,537 shares during the period. Finally, ING Groep NV increased its position in American Electric Power by 244.3% in the 3rd quarter. ING Groep NV now owns 294,515 shares of the company's stock worth $30,217,000 after buying an additional 208,974 shares during the period. 75.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on AEP. Barclays raised their target price on American Electric Power from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 15th. UBS Group upped their target price on shares of American Electric Power from $91.00 to $95.00 and gave the stock a "sell" rating in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of American Electric Power from $108.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 18th. Jefferies Financial Group initiated coverage on shares of American Electric Power in a research note on Friday, September 20th. They set a "hold" rating and a $107.00 price objective on the stock. Finally, Evercore ISI reduced their target price on American Electric Power from $97.00 to $96.00 and set an "in-line" rating on the stock in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $98.27.

American Electric Power Trading Up 0.1 %

NASDAQ:AEP opened at $96.80 on Thursday. 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's fifty day moving average is $99.34 and its 200-day moving average is $95.39. American Electric Power Company, Inc. has a 52 week low of $75.22 and a 52 week high of $105.18. The firm has a market cap of $51.51 billion, a P/E ratio of 19.40, a P/E/G ratio of 2.79 and a beta of 0.55.

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 issued a dividend of $0.93 per share. The ex-dividend date is Friday, November 8th. This represents a $3.72 annualized dividend and a dividend yield of 3.84%. This is a positive change from American Electric Power's previous quarterly dividend of $0.88. American Electric Power's dividend payout ratio is currently 74.55%.

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.