5 Best Utility Dividend Stocks To Buy

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

Number of Hedge Fund Holders: 39

American Electric Power Company, Inc. (NASDAQ:AEP) ranks third on our list of the best dividend stocks from the utility sector. The American utility company is involved in the generation of electricity from various sources, including coal, natural gas, nuclear, and renewable energy. The company offers a quarterly dividend of $0.88 per share, having raised it by 6% in October 2023. This was the company’s 14th consecutive annual dividend hike. The stock has a dividend yield of 4.51%, as of January 26.

American Electric Power Company, Inc. (NASDAQ:AEP) was a part of 39 hedge fund portfolios at the end of Q3 2023, up from 33 in the previous quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds have a collective value of more than $545.4 million.

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