Garland Capital Management Inc. Sells 3,435 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

Garland Capital Management Inc. lowered its holdings in American Electric Power Company, Inc. (NASDAQ:AEP) by 8.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 37,640 shares of the company’s stock after selling 3,435 shares during the period. American Electric Power accounts for 3.0% of Garland Capital Management Inc.’s portfolio, making the stock its 19th largest position. Garland Capital Management Inc.’s holdings in American Electric Power were worth $3,862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of AEP. Norden Group LLC acquired a new position in American Electric Power in the 1st quarter valued at approximately $419,000. Diversify Advisory Services LLC acquired a new position in shares of American Electric Power in the first quarter valued at $246,000. Central Pacific Bank Trust Division bought a new position in American Electric Power in the first quarter worth $283,000. BI Asset Management Fondsmaeglerselskab A S boosted its stake in American Electric Power by 25.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,417 shares of the company’s stock worth $1,069,000 after buying an additional 2,533 shares in the last quarter. Finally, Wellington Shields & Co. LLC bought a new stake in American Electric Power in the 1st quarter valued at $90,000. 75.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AEP. Jefferies Financial Group began coverage on shares of American Electric Power in a research report on Friday, September 20th. They set a “hold” rating and a $107.00 target price on the stock. Bank of America lifted their price objective 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. increased their target price on American Electric Power from $108.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Barclays boosted their price target on 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. Finally, Wells Fargo & Company lifted their price objective on American Electric Power from $98.00 to $104.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, American Electric Power presently has an average rating of “Hold” and an average price target of $98.43.

American Electric Power Price Performance

Shares of American Electric Power stock traded up $0.68 during midday trading on Tuesday, reaching $99.08. The company had a trading volume of 616,178 shares, compared to its average volume of 3,115,226. The company has a market capitalization of $52.72 billion, a price-to-earnings ratio of 19.60, a price-to-earnings-growth ratio of 2.78 and a beta of 0.55. The company has a current ratio of 0.65, a quick ratio of 0.48 and a debt-to-equity ratio of 1.53. The stock has a fifty day simple moving average of $100.67 and a 200 day simple moving average of $94.65. American Electric Power Company, Inc. has a 1-year low of $74.97 and a 1-year high of $105.18.

American Electric Power Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from American Electric Power’s previous quarterly dividend of $0.88. American Electric Power’s dividend payout ratio is 70.12%.

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.