5 Best Dividend Contenders to Buy for 2022

4. American Electric Power Company, Inc. (NASDAQ:AEP)

Number of Years of Dividend Increases: 12

Dividend Yield as of January 21: 3.47%

Number of Hedge Fund Holders: 36

American Electric Power Company, Inc. (NASDAQ:AEP) is one of the leading American investor-owned electric utility companies, which supplies electricity to approximately 5 million customers, across 11 states. In addition to owning the largest electricity transmission system in the US, American Electric Power Company, Inc. (NASDAQ:AEP) is also one of the leading generators of electricity in the country. 

American Electric Power Company, Inc. (NASDAQ:AEP) on January 18 declared a $0.78 per share quarterly dividend, in line with previous. The dividend is payable on March 10, to shareholders of record on February 10. 

On October 27, Mizuho analyst Paul Fremont lowered the price target on American Electric Power Company, Inc. (NASDAQ:AEP) to $86 from $91 and kept a Buy rating on the shares. This was after American Electric Power Company, Inc. (NASDAQ:AEP) announced that it sold its Kentucky Power subsidiary for $1.625 billion. The analyst reduced the price target to reflect market multiples.

A total of 36 hedge funds monitored by Insider Monkey were long American Electric Power Company, Inc. (NASDAQ:AEP), up from 29 funds in the preceding quarter. Renaissance Technologies is the biggest stakeholder of the company, owning 2.33 million shares worth $189.75 million.