1832 Asset Management L.P. Increases Stock Holdings in The Southern Company (NYSE:SO)

1832 Asset Management L.P. increased its holdings in The Southern Company (NYSE:SOFree Report) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,645 shares of the utilities provider’s stock after purchasing an additional 805 shares during the period. 1832 Asset Management L.P.’s holdings in Southern were worth $1,938,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SO. Oppenheimer Asset Management Inc. grew its position in shares of Southern by 14.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 5,401 shares of the utilities provider’s stock valued at $350,000 after purchasing an additional 692 shares during the period. Headlands Technologies LLC acquired a new position in Southern in the third quarter valued at $257,000. Wealth Alliance boosted its holdings in Southern by 3.2% in the third quarter. Wealth Alliance now owns 18,057 shares of the utilities provider’s stock valued at $1,169,000 after acquiring an additional 568 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Southern by 28.6% in the third quarter. Prime Capital Investment Advisors LLC now owns 48,027 shares of the utilities provider’s stock valued at $3,108,000 after acquiring an additional 10,695 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in Southern by 44.2% in the third quarter. Citigroup Inc. now owns 1,006,863 shares of the utilities provider’s stock valued at $65,164,000 after acquiring an additional 308,599 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Southern Trading Down 0.9 %

NYSE:SO opened at $77.94 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.65 and a current ratio of 0.92. The Southern Company has a one year low of $61.56 and a one year high of $80.84. The business’s 50-day simple moving average is $75.09 and its 200 day simple moving average is $71.48. The stock has a market cap of $85.22 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 2.80 and a beta of 0.51.

Southern (NYSE:SOGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.90 by $0.13. Southern had a return on equity of 12.07% and a net margin of 16.74%. The business had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $6.59 billion. During the same quarter in the previous year, the firm posted $0.79 earnings per share. The company’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that The Southern Company will post 4 earnings per share for the current fiscal year.

Southern Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Monday, May 20th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $2.88 annualized dividend and a yield of 3.70%. This is a boost from Southern’s previous quarterly dividend of $0.70. Southern’s dividend payout ratio is presently 74.42%.

Analyst Upgrades and Downgrades

SO has been the topic of a number of research analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $76.00 target price (up previously from $72.00) on shares of Southern in a report on Monday, April 1st. Scotiabank reduced their target price on Southern from $80.00 to $77.00 and set a “sector outperform” rating on the stock in a report on Monday, April 22nd. Argus lifted their target price on Southern from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Morgan Stanley lifted their target price on Southern from $67.00 to $74.00 and gave the company an “equal weight” rating in a report on Tuesday, May 28th. Finally, Barclays boosted their price objective on Southern from $65.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.36.

Get Our Latest Stock Report on SO

Insider Buying and Selling at Southern

In other Southern news, CEO Stephen E. Kuczynski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $68.92, for a total transaction of $344,600.00. Following the sale, the chief executive officer now owns 126,528 shares in the company, valued at $8,720,309.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Kimberly S. Greene sold 9,126 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $75.04, for a total transaction of $684,815.04. Following the sale, the chief executive officer now directly owns 121,504 shares in the company, valued at approximately $9,117,660.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen E. Kuczynski sold 5,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $68.92, for a total value of $344,600.00. Following the sale, the chief executive officer now owns 126,528 shares in the company, valued at $8,720,309.76. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

About Southern

(Free Report)

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.

See Also

Want to see what other hedge funds are holding SO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Southern Company (NYSE:SOFree Report).

Institutional Ownership by Quarter for Southern (NYSE:SO)

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