Macquarie Group Ltd. reduced its stake in shares of Southern Company (The) (NYSE:SO – Free Report) by 17.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 745,031 shares of the utilities provider’s stock after selling 153,995 shares during the period. Macquarie Group Ltd.’s holdings in Southern were worth $64,967,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Strive Asset Management LLC acquired a new stake in Southern during the 3rd quarter worth approximately $37,000. Spirepoint Private Client LLC raised its holdings in Southern by 13.3% during the 4th quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider’s stock worth $8,513,000 after buying an additional 11,460 shares during the period. Caprock Group LLC acquired a new stake in Southern during the 3rd quarter worth approximately $1,584,000. Town & Country Bank & Trust CO dba First Bankers Trust CO raised its holdings in Southern by 243.3% during the 4th quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 20,816 shares of the utilities provider’s stock worth $1,815,000 after buying an additional 14,753 shares during the period. Finally, Marble Wealth LLC acquired a new stake in Southern during the 4th quarter worth approximately $4,443,000. 64.10% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Southern
In related news, EVP Christopher Cummiskey sold 6,669 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $96.55, for a total value of $643,891.95. Following the completion of the transaction, the executive vice president directly owned 30,800 shares of the company’s stock, valued at approximately $2,973,740. This trade represents a 17.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kimberly S. Greene sold 25,000 shares of the firm’s stock in a transaction on Monday, March 30th. The shares were sold at an average price of $96.67, for a total transaction of $2,416,750.00. Following the completion of the transaction, the chief executive officer directly owned 103,602 shares of the company’s stock, valued at $10,015,205.34. This represents a 19.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.16% of the stock is currently owned by company insiders.
Southern Price Performance
Southern (NYSE:SO – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.11. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.07 billion. Southern had a net margin of 14.46% and a return on equity of 12.64%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the business earned $1.23 EPS. As a group, equities research analysts forecast that Southern Company will post 4.58 EPS for the current fiscal year.
Southern Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, May 18th were paid a $0.76 dividend. This is a boost from Southern’s previous quarterly dividend of $0.74. This represents a $3.04 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, May 18th. Southern’s dividend payout ratio (DPR) is 77.35%.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Raymond James Financial restated an “outperform” rating and set a $104.00 target price on shares of Southern in a report on Friday, May 1st. KeyCorp raised shares of Southern from an “underweight” rating to a “sector weight” rating in a research note on Wednesday, March 4th. Jefferies Financial Group reaffirmed a “hold” rating and set a $102.00 price target on shares of Southern in a research note on Monday, February 23rd. Barclays raised their price target on shares of Southern from $88.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Friday, April 10th. Finally, Scotiabank raised their price target on shares of Southern from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Friday, February 20th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Southern currently has a consensus rating of “Hold” and an average target price of $99.38.
Check Out Our Latest Stock Analysis on SO
Southern Profile
Southern Company (NYSE: SO) is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.
Southern’s principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.
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