Grove Bank & Trust grew its position in shares of Southern Company (The) (NYSE:SO – Free Report) by 79.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,339 shares of the utilities provider’s stock after purchasing an additional 7,246 shares during the quarter. Grove Bank & Trust’s holdings in Southern were worth $1,354,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of SO. Wealth Enhancement Trust Services Inc. lifted its holdings in Southern by 80.9% during the third quarter. Wealth Enhancement Trust Services Inc. now owns 1,317 shares of the utilities provider’s stock valued at $109,000 after purchasing an additional 589 shares in the last quarter. QRG Capital Management Inc. lifted its stake in Southern by 5.4% in the 2nd quarter. QRG Capital Management Inc. now owns 139,081 shares of the utilities provider’s stock valued at $13,311,000 after buying an additional 7,146 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Southern by 14.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 60,081 shares of the utilities provider’s stock valued at $5,750,000 after buying an additional 7,680 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Southern by 2.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,513,008 shares of the utilities provider’s stock worth $240,519,000 after buying an additional 67,290 shares during the last quarter. Finally, Bullseye Investment Management LLC purchased a new stake in Southern during the 2nd quarter worth approximately $26,000. Institutional investors and hedge funds own 64.10% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. JPMorgan Chase & Co. increased their target price on Southern from $101.00 to $104.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Mizuho set a $106.00 price target on Southern in a research report on Friday, July 31st. Morgan Stanley reduced their price objective on Southern from $89.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, September 18th. Truist Financial lowered their target price on shares of Southern from $100.00 to $97.00 and set a “hold” rating on the stock in a research note on Thursday, August 13th. Finally, Citigroup dropped their target price on shares of Southern from $114.00 to $104.00 and set a “buy” rating for the company in a report on Friday, September 25th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $100.08.
Southern Trading Up 0.8%
NYSE SO traded up $0.67 on Thursday, reaching $86.11. 5,989,320 shares of the company were exchanged, compared to its average volume of 5,839,042. Southern Company has a fifty-two week low of $81.69 and a fifty-two week high of $100.83. The stock has a market capitalization of $99.06 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 2.28 and a beta of 0.31. The business’s fifty day moving average price is $88.45 and its 200 day moving average price is $92.47. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 1.62.
Southern (NYSE:SO – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.12. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm had revenue of $6.98 billion for the quarter, compared to analysts’ expectations of $7.23 billion. During the same quarter in the previous year, the company posted $0.79 EPS. The company’s revenue was up .1% compared to the same quarter last year. Analysts forecast that Southern Company will post 4.59 earnings per share for the current year.
Southern Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th were paid a $0.76 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.04 annualized dividend and a dividend yield of 3.5%. Southern’s dividend payout ratio is 72.90%.
Southern Company Profile
Southern Company (NYSE:SO) is a diversified energy holding company headquartered in Atlanta, Georgia. Through its operating subsidiaries, the company generates, transmits, distributes and sells electricity, while also providing natural gas distribution and related energy services.
Southern’s regulated electric utilities include Alabama Power, Georgia Power and Mississippi Power, which serve residential, commercial and industrial customers across the southeastern United States. The company’s portfolio includes coal, natural gas, nuclear, hydroelectric and renewable generation assets.
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