CIBC Asset Management Inc cut its holdings in Southern Co (NYSE:SO) by 2.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,426 shares of the utilities provider’s stock after selling 4,828 shares during the period. CIBC Asset Management Inc’s holdings in Southern were worth $7,038,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. IFM Investors Pty Ltd grew its stake in shares of Southern by 44.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 45,086 shares of the utilities provider’s stock valued at $2,088,000 after buying an additional 13,900 shares during the period. Thompson Investment Management Inc. acquired a new stake in shares of Southern in the 2nd quarter valued at about $206,000. Fisher Asset Management LLC grew its stake in shares of Southern by 40.3% in the 2nd quarter. Fisher Asset Management LLC now owns 8,895 shares of the utilities provider’s stock valued at $412,000 after buying an additional 2,555 shares during the period. Fulton Bank N.A. grew its stake in shares of Southern by 13.2% in the 2nd quarter. Fulton Bank N.A. now owns 48,094 shares of the utilities provider’s stock valued at $2,227,000 after buying an additional 5,617 shares during the period. Finally, Capital Investment Advisors LLC grew its stake in shares of Southern by 7.0% in the 2nd quarter. Capital Investment Advisors LLC now owns 430,739 shares of the utilities provider’s stock valued at $19,948,000 after buying an additional 28,160 shares during the period. 57.42% of the stock is owned by hedge funds and other institutional investors.
In other Southern news, EVP Christopher C. Womack sold 16,371 shares of Southern stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $47.40, for a total transaction of $775,985.40. Following the transaction, the executive vice president now owns 10,165 shares of the company’s stock, valued at approximately $481,821. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.73% of the stock is owned by company insiders.
SO stock opened at $45.67 on Wednesday. The stock has a market cap of $45.37 billion, a price-to-earnings ratio of 15.12, a P/E/G ratio of 3.31 and a beta of -0.09. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.68. Southern Co has a 52-week low of $42.38 and a 52-week high of $52.65.
Southern (NYSE:SO) last released its quarterly earnings results on Wednesday, August 8th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. Southern had a return on equity of 13.06% and a net margin of 9.96%. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the previous year, the business earned $0.73 EPS. The company’s quarterly revenue was up 3.6% on a year-over-year basis. On average, analysts forecast that Southern Co will post 3 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Monday, November 19th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, November 16th. This represents a $2.40 annualized dividend and a dividend yield of 5.26%. Southern’s dividend payout ratio is currently 79.47%.
SO has been the subject of a number of analyst reports. Credit Suisse Group downgraded Southern from a “neutral” rating to an “underperform” rating and cut their price target for the company from $46.00 to $43.00 in a research note on Thursday, August 9th. Guggenheim downgraded Southern from a “buy” rating to a “neutral” rating and cut their price target for the company from $50.00 to $47.00 in a research note on Wednesday, August 8th. Scotiabank reiterated a “hold” rating and set a $44.00 price target on shares of Southern in a research note on Thursday, August 9th. Bank of America cut their price target on Southern from $47.00 to $46.00 and set an “underperform” rating for the company in a research note on Wednesday, August 22nd. Finally, Barclays initiated coverage on Southern in a research note on Tuesday, July 10th. They set an “overweight” rating and a $51.00 price target for the company. Six analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. Southern has a consensus rating of “Hold” and a consensus target price of $46.11.
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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