OLD National Bancorp IN reduced its stake in Southern Company (The) (NYSE:SO – Free Report) by 76.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,007 shares of the utilities provider’s stock after selling 31,914 shares during the period. OLD National Bancorp IN’s holdings in Southern were worth $966,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Gentry Private Wealth LLC lifted its stake in Southern by 2.3% in the 3rd quarter. Gentry Private Wealth LLC now owns 4,991 shares of the utilities provider’s stock valued at $473,000 after purchasing an additional 114 shares during the last quarter. Stokes Family Office LLC grew its stake in shares of Southern by 0.7% during the fourth quarter. Stokes Family Office LLC now owns 15,994 shares of the utilities provider’s stock worth $1,395,000 after buying an additional 115 shares during the last quarter. Accredited Investors Inc. increased its holdings in shares of Southern by 5.2% during the fourth quarter. Accredited Investors Inc. now owns 2,446 shares of the utilities provider’s stock worth $213,000 after buying an additional 120 shares in the last quarter. Patton Fund Management Inc. increased its holdings in shares of Southern by 5.0% during the fourth quarter. Patton Fund Management Inc. now owns 2,556 shares of the utilities provider’s stock worth $223,000 after buying an additional 121 shares in the last quarter. Finally, Tradewinds LLC. lifted its stake in shares of Southern by 1.1% in the 4th quarter. Tradewinds LLC. now owns 11,528 shares of the utilities provider’s stock valued at $1,005,000 after acquiring an additional 121 shares during the last quarter. 64.10% of the stock is owned by institutional investors.
Insider Transactions at Southern
In other Southern news, CEO Kimberly S. Greene sold 25,000 shares of the firm’s stock in a transaction that occurred 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 owned 103,602 shares in the company, valued at approximately $10,015,205.34. This trade represents a 19.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.16% of the company’s stock.
Southern Stock Up 1.1%
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, beating the consensus estimate of $1.21 by $0.11. Southern had a return on equity of 12.64% and a net margin of 14.46%.The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.07 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business’s quarterly revenue was up 8.0% on a year-over-year basis. On average, analysts anticipate that Southern Company will post 4.58 EPS for the current year.
Southern Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Monday, May 18th were given a dividend of $0.76 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $3.04 dividend on an annualized basis and a yield of 3.1%. This is a boost from Southern’s previous quarterly dividend of $0.74. Southern’s payout ratio is currently 77.35%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on SO shares. Weiss Ratings upgraded Southern from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Wall Street Zen raised Southern from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Citigroup restated a “buy” rating on shares of Southern in a report on Friday, April 10th. Mizuho set a $105.00 price objective on Southern in a research note on Friday, May 1st. Finally, Barclays dropped their price objective on shares of Southern from $99.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, June 18th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $99.26.
Get Our Latest Research Report on Southern
Southern Company 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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