5 Income Stocks with Over 10 Years of Dividend Increases

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

Dividend Yield as of January 19: 3.45%

Number of Hedge Fund Holders: 36

Number of Years of Dividend Increases: 12

American Electric Power Company, Inc. (NASDAQ:AEP) is an investor-owned electric utility company that provides electricity to millions of customers in 11 states. The company was founded in 1906 and is headquartered in Ohio, Columbus. 

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

On November 5, American Electric Power Company, Inc. (NASDAQ:AEP) announced its 2022 guidance. The company stated that the operating EPS would equal $4.85-$5.05, in line with consensus EPS of $4.98. The annual projected operating earnings growth rate is expected to reach 5%-7%. American Electric Power Company, Inc. (NASDAQ:AEP) also plans to spend $38 billion over the upcoming five years to make energy transmission and distribution more efficient, and invest in renewable energy grids and projects. 

Mizuho analyst Paul Fremont on October 27 lowered the price target on American Electric Power Company, Inc. (NASDAQ:AEP) to $86 from $91 and kept a Buy rating on the shares after the company announced the sale of its Kentucky Power subsidiary for $1.625 billion. The analyst reduced the price target to account for market multiples at the time.

Of the 36 hedge funds that were long American Electric Power Company, Inc. (NASDAQ:AEP) in the third quarter of 2021, Renaissance Technologies is the leading stakeholder of the company, with 2.3 million shares worth $189.75 million.