Summit Asset Management LLC bought a new position in Southern Company (The) (NYSE:SO – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,100 shares of the utilities provider’s stock, valued at approximately $680,000.
Several other large investors have also added to or reduced their stakes in the company. Empowered Funds LLC raised its position in shares of Southern by 17.5% during the 1st quarter. Empowered Funds LLC now owns 34,003 shares of the utilities provider’s stock valued at $3,127,000 after purchasing an additional 5,067 shares during the period. Schnieders Capital Management LLC. increased its stake in Southern by 0.7% in the 2nd quarter. Schnieders Capital Management LLC. now owns 59,217 shares of the utilities provider’s stock worth $5,438,000 after buying an additional 393 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Southern in the 2nd quarter worth $655,000. Sei Investments Co. lifted its position in shares of Southern by 11.5% in the second quarter. Sei Investments Co. now owns 449,960 shares of the utilities provider’s stock valued at $41,320,000 after acquiring an additional 46,504 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Southern by 2.7% in the second quarter. Treasurer of the State of North Carolina now owns 514,736 shares of the utilities provider’s stock worth $47,268,000 after acquiring an additional 13,392 shares during the period. Hedge funds and other institutional investors own 64.10% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on SO shares. Jefferies Financial Group set a $99.00 price target on Southern in a report on Monday, June 22nd. Raymond James Financial reiterated an “outperform” rating and set a $104.00 price objective on shares of Southern in a research report on Friday, May 1st. Morgan Stanley reissued an “underweight” rating on shares of Southern in a report on Wednesday, July 22nd. Wall Street Zen lowered shares of Southern from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Seaport Research Partners cut shares of Southern from a “buy” rating to a “neutral” rating in a research note on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $100.09.
Southern Stock Performance
Southern stock opened at $92.83 on Friday. The company’s 50-day moving average price is $94.69 and its 200-day moving average price is $94.31. Southern Company has a twelve month low of $83.80 and a twelve month high of $100.83. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62. The company has a market cap of $106.79 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.34.
Southern (NYSE:SO – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.12. The firm had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $7.23 billion. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 EPS. On average, equities research analysts forecast that Southern Company will post 4.58 EPS for the current fiscal year.
Southern Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, August 17th. Southern’s dividend payout ratio (DPR) is presently 72.90%.
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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