Bruderman Asset Management LLC lowered its holdings in shares of Southern Co (NYSE:SO) by 32.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,951 shares of the utilities provider’s stock after selling 77,906 shares during the quarter. Southern makes up 1.8% of Bruderman Asset Management LLC’s portfolio, making the stock its 13th biggest holding. Bruderman Asset Management LLC’s holdings in Southern were worth $7,454,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the stock. Ipswich Investment Management Co. Inc. grew its holdings in Southern by 5.4% during the 2nd quarter. Ipswich Investment Management Co. Inc. now owns 21,309 shares of the utilities provider’s stock valued at $987,000 after buying an additional 1,090 shares in the last quarter. Moloney Securities Asset Management LLC grew its holdings in Southern by 17.1% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 7,474 shares of the utilities provider’s stock valued at $346,000 after buying an additional 1,093 shares in the last quarter. BB&T Corp grew its holdings in Southern by 0.7% during the 2nd quarter. BB&T Corp now owns 157,644 shares of the utilities provider’s stock valued at $7,301,000 after buying an additional 1,138 shares in the last quarter. Willis Investment Counsel grew its holdings in Southern by 0.6% during the 1st quarter. Willis Investment Counsel now owns 199,640 shares of the utilities provider’s stock valued at $8,916,000 after buying an additional 1,200 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in Southern by 22.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 6,587 shares of the utilities provider’s stock valued at $293,000 after buying an additional 1,214 shares in the last quarter. Hedge funds and other institutional investors own 57.34% of the company’s stock.
In other news, EVP Christopher C. Womack sold 16,371 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $47.40, for a total value of $775,985.40. Following the completion of the sale, the executive vice president now directly owns 10,165 shares of the company’s stock, valued at approximately $481,821. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by company insiders.
NYSE:SO opened at $43.90 on Friday. The company has a market capitalization of $44.74 billion, a PE ratio of 14.54, a P/E/G ratio of 3.30 and a beta of -0.06. Southern Co has a 1 year low of $42.38 and a 1 year high of $53.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.68.
Southern (NYSE:SO) last posted its quarterly earnings data on Wednesday, August 8th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.11. The business had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.28 billion. Southern had a return on equity of 13.06% and a net margin of 9.96%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.73 EPS. research analysts expect that Southern Co will post 2.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 6th. Stockholders of record on Monday, August 20th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 5.47%. The ex-dividend date was Friday, August 17th. Southern’s payout ratio is 79.47%.
Several equities analysts have weighed in on the company. Bank of America cut their price target on Southern from $47.00 to $46.00 and set an “underperform” rating for the company in a report on Wednesday, August 22nd. ValuEngine cut Southern from a “hold” rating to a “sell” rating in a report on Thursday, August 9th. Credit Suisse Group cut Southern from a “neutral” rating to an “underperform” rating and cut their price target for the company from $46.00 to $43.00 in a report on Thursday, August 9th. Evercore ISI cut Southern from an “in-line” rating to an “underperform” rating in a report on Thursday, August 9th. Finally, Barclays cut Southern from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $51.00 to $48.00 in a report on Thursday, August 9th. Eight investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. Southern currently has an average rating of “Hold” and a consensus price target of $47.10.
The Southern Co is a holding company, which engages in the sale of electricity. It operates through the following segments: Traditional Electric Operating Companies, Southern Power, Southern Company Gas, and All Other. The Traditional Electric Operating Companies segment refers to vertically integrated utilities that own generation, transmission and distribution facilities, and supplies electric services in the states of Alabama, Georgia, Florida, and Mississippi.
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