M&T Bank Corp lessened its stake in Southern Co (NYSE:SO) by 3.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 178,415 shares of the utilities provider’s stock after selling 6,302 shares during the quarter. M&T Bank Corp’s holdings in Southern were worth $9,251,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Farr Miller & Washington LLC DC purchased a new position in shares of Southern during the first quarter worth approximately $434,000. Private Asset Management Inc. boosted its position in Southern by 4.1% during the second quarter. Private Asset Management Inc. now owns 55,661 shares of the utilities provider’s stock valued at $2,886,000 after buying an additional 2,177 shares during the period. FDx Advisors Inc. grew its stake in shares of Southern by 69.3% during the second quarter. FDx Advisors Inc. now owns 11,299 shares of the utilities provider’s stock valued at $586,000 after buying an additional 4,627 shares during the last quarter. M&G Investment Management Ltd. increased its holdings in shares of Southern by 421.9% in the first quarter. M&G Investment Management Ltd. now owns 20,791 shares of the utilities provider’s stock worth $1,123,000 after buying an additional 16,807 shares during the period. Finally, CX Institutional increased its holdings in shares of Southern by 5,946.0% in the first quarter. CX Institutional now owns 24,063 shares of the utilities provider’s stock worth $1,303,000 after buying an additional 23,665 shares during the period. 58.82% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have commented on the company. Royal Bank of Canada reaffirmed a “buy” rating and issued a $67.00 price target on shares of Southern in a research note on Thursday, April 30th. UBS Group downgraded shares of Southern from a “neutral” rating to a “sell” rating and lifted their target price for the stock from $54.00 to $63.00 in a research note on Thursday, May 21st. Zacks Investment Research cut shares of Southern from a “buy” rating to a “hold” rating and set a $59.00 price target for the company. in a research report on Tuesday, May 5th. Argus upgraded shares of Southern from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a research report on Monday, April 13th. Finally, Credit Suisse Group raised shares of Southern from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $60.00 to $61.00 in a research note on Monday, May 4th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Southern presently has a consensus rating of “Hold” and an average price target of $62.16.
Shares of NYSE:SO opened at $54.61 on Friday. Southern Co has a 12-month low of $41.96 and a 12-month high of $71.10. The stock has a market capitalization of $57.72 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 4.34 and a beta of 0.42. The stock has a fifty day simple moving average of $53.86 and a two-hundred day simple moving average of $58.51. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 1.44.
Southern (NYSE:SO) last announced its quarterly earnings data on Thursday, July 30th. The utilities provider reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The company had revenue of $4.62 billion during the quarter, compared to analyst estimates of $4.93 billion. Southern had a net margin of 15.83% and a return on equity of 10.48%. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 EPS. As a group, equities research analysts predict that Southern Co will post 3.15 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 17th will be given a dividend of $0.64 per share. The ex-dividend date is Friday, August 14th. This represents a $2.56 dividend on an annualized basis and a yield of 4.69%. Southern’s dividend payout ratio (DPR) is 82.32%.
In other news, CEO Stephen E. Kuczynski sold 2,500 shares of Southern stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the transaction, the chief executive officer now owns 76,996 shares in the company, valued at approximately $4,234,780. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Y. Kerr II sold 50,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $59.41, for a total value of $2,970,500.00. Following the sale, the executive vice president now directly owns 117,206 shares of the company’s stock, valued at approximately $6,963,208.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,000 shares of company stock valued at $3,365,090. 0.39% of the stock is currently owned by insiders.
Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.
Further Reading: What is a growth and income fund?
Want to see what other hedge funds are holding SO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Co (NYSE:SO).
Receive News & Ratings for Southern Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southern and related companies with MarketBeat.com's FREE daily email newsletter.