Edge Wealth Management LLC grew its position in shares of Southern Co (NYSE:SO) by 19.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 149,851 shares of the utilities provider’s stock after buying an additional 24,375 shares during the period. Southern comprises 1.6% of Edge Wealth Management LLC’s portfolio, making the stock its 23rd largest position. Edge Wealth Management LLC’s holdings in Southern were worth $6,534,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Kaizen Advisory LLC lifted its holdings in shares of Southern by 133.8% in the 2nd quarter. Kaizen Advisory LLC now owns 2,284 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 1,307 shares during the last quarter. Destination Wealth Management lifted its holdings in shares of Southern by 359.3% in the 2nd quarter. Destination Wealth Management now owns 2,315 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 1,811 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Southern in the 2nd quarter worth approximately $119,000. Horan Capital Advisors LLC. bought a new stake in shares of Southern in the 2nd quarter worth approximately $121,000. Finally, Sound Income Strategies LLC lifted its holdings in shares of Southern by 83.5% in the 3rd quarter. Sound Income Strategies LLC now owns 2,855 shares of the utilities provider’s stock worth $124,000 after purchasing an additional 1,299 shares during the last quarter. 57.34% of the stock is currently owned by institutional investors.
In other news, EVP Christopher C. Womack sold 16,371 shares of Southern stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $47.40, for a total transaction of $775,985.40. Following the transaction, the executive vice president now directly owns 10,165 shares in the company, valued at approximately $481,821. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.73% of the stock is owned by company insiders.
Several analysts recently issued reports on the company. Credit Suisse Group downgraded Southern from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $46.00 to $43.00 in a report on Thursday, August 9th. Guggenheim downgraded Southern from a “buy” rating to a “neutral” rating and cut their price target for the stock from $50.00 to $47.00 in a report on Wednesday, August 8th. Scotiabank reissued a “hold” rating and issued a $44.00 price target on shares of Southern in a report on Thursday, August 9th. Bank of America cut their price target on Southern from $47.00 to $46.00 and set an “underperform” rating on the stock in a report on Wednesday, August 22nd. Finally, Deutsche Bank downgraded Southern from a “buy” rating to a “hold” rating and set a $48.00 price target on the stock. in a report on Tuesday, June 26th. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $46.04.
SO traded down $0.10 during trading hours on Monday, hitting $44.97. The company’s stock had a trading volume of 238,594 shares, compared to its average volume of 6,872,039. Southern Co has a fifty-two week low of $42.38 and a fifty-two week high of $53.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.68. The stock has a market cap of $45.71 billion, a P/E ratio of 14.89, a P/E/G ratio of 3.34 and a beta of -0.05.
Southern (NYSE:SO) last posted its earnings results on Wednesday, August 8th. The utilities provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.69 by $0.11. Southern had a return on equity of 13.06% and a net margin of 9.96%. The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the firm earned $0.73 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. Equities analysts anticipate that Southern Co will post 3 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Monday, November 19th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 5.34%. The ex-dividend date is Friday, November 16th. Southern’s dividend payout ratio is currently 79.47%.
Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. 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, New Jersey, Florida, Tennessee, and Maryland, as well as provides gas marketing services, wholesale gas services, and gas midstream operations.
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