Shell Asset Management Co. Sells 9,881 Shares of The Southern Company (NYSE:SO)

Shell Asset Management Co. reduced its holdings in The Southern Company (NYSE:SOFree Report) by 34.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,825 shares of the utilities provider’s stock after selling 9,881 shares during the period. Shell Asset Management Co.’s holdings in Southern were worth $1,320,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Southern by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 99,572,665 shares of the utilities provider’s stock worth $6,444,343,000 after buying an additional 352,023 shares during the period. FMR LLC increased its position in Southern by 5.0% in the 3rd quarter. FMR LLC now owns 38,906,760 shares of the utilities provider’s stock worth $2,518,045,000 after buying an additional 1,838,857 shares during the period. Capital International Investors increased its position in Southern by 53.2% in the 4th quarter. Capital International Investors now owns 16,444,163 shares of the utilities provider’s stock worth $1,153,065,000 after buying an additional 5,707,845 shares during the period. Northern Trust Corp increased its position in Southern by 1.6% in the 3rd quarter. Northern Trust Corp now owns 10,737,843 shares of the utilities provider’s stock worth $694,953,000 after buying an additional 163,986 shares during the period. Finally, Morgan Stanley increased its position in shares of Southern by 3.7% during the third quarter. Morgan Stanley now owns 9,811,307 shares of the utilities provider’s stock valued at $634,988,000 after purchasing an additional 349,122 shares during the period. 64.10% of the stock is owned by institutional investors.

Southern Price Performance

Southern stock opened at $78.97 on Tuesday. 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 firm has a market cap of $86.35 billion, a P/E ratio of 20.41, a P/E/G ratio of 2.80 and a beta of 0.51. The business’s fifty day moving average is $75.25 and its two-hundred day moving average is $71.56. The Southern Company has a 52 week low of $61.56 and a 52 week high of $80.84.

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

Southern Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Monday, May 20th were paid a $0.72 dividend. The ex-dividend date was Friday, May 17th. This represents a $2.88 dividend on an annualized basis and a yield of 3.65%. This is a positive change from Southern’s previous quarterly dividend of $0.70. Southern’s payout ratio is currently 74.42%.

Insiders Place Their Bets

In other news, CEO Kimberly S. Greene sold 9,126 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 121,504 shares of the company’s stock, valued at $9,117,660.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SO shares. Scotiabank lowered their price objective on Southern from $80.00 to $77.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 22nd. Mizuho boosted their price objective on Southern from $73.00 to $76.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Barclays boosted their price objective on Southern from $65.00 to $66.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. BMO Capital Markets restated an “outperform” rating and set a $76.00 price objective (up from $72.00) on shares of Southern in a research report on Monday, April 1st. Finally, Bank of America boosted their price objective on Southern from $73.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.36.

Check Out Our Latest Report on Southern

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

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Institutional Ownership by Quarter for Southern (NYSE:SO)

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