KeyCorp Cuts Southern (NYSE:SO) Price Target to $76.00

Southern (NYSE:SO) had its target price decreased by KeyCorp from $87.00 to $76.00 in a research note issued to investors on Friday morning, MarketBeat.com reports. KeyCorp currently has an underweight rating on the utilities provider’s stock.

Several other equities research analysts have also weighed in on SO. JPMorgan Chase & Co. lifted their price target on Southern from $97.00 to $98.00 and gave the company a “neutral” rating in a research report on Thursday, August 21st. TD Cowen initiated coverage on shares of Southern in a report on Thursday, October 16th. They set a “buy” rating and a $112.00 target price on the stock. BTIG Research began coverage on shares of Southern in a research note on Tuesday, October 21st. They issued a “neutral” rating for the company. Cowen reissued a “buy” rating on shares of Southern in a research note on Thursday. Finally, Wells Fargo & Company assumed coverage on shares of Southern in a report on Monday, October 27th. They issued an “equal weight” rating and a $97.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $97.50.

Southern Price Performance

Shares of NYSE SO opened at $84.44 on Friday. Southern has a 1 year low of $80.46 and a 1 year high of $100.83. The stock has a market capitalization of $92.98 billion, a P/E ratio of 20.90, a P/E/G ratio of 2.72 and a beta of 0.45. The company’s 50-day moving average is $92.20 and its 200 day moving average is $92.32. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.75 and a quick ratio of 0.59.

Southern (NYSE:SO) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.51 by $0.09. Southern had a net margin of 15.42% and a return on equity of 12.52%. The business had revenue of $7.82 billion during the quarter, compared to analyst estimates of $8.04 billion. During the same period last year, the business posted $1.39 earnings per share. Southern’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts expect that Southern will post 4.29 earnings per share for the current year.

Southern Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 8th. Stockholders of record on Monday, November 17th were issued a dividend of $0.74 per share. The ex-dividend date was Monday, November 17th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.5%. Southern’s dividend payout ratio is presently 73.27%.

Hedge Funds Weigh In On Southern

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gladstone Institutional Advisory LLC raised its stake in shares of Southern by 0.5% in the third quarter. Gladstone Institutional Advisory LLC now owns 21,461 shares of the utilities provider’s stock worth $2,034,000 after purchasing an additional 105 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in Southern by 0.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 15,230 shares of the utilities provider’s stock worth $1,443,000 after buying an additional 105 shares in the last quarter. Avidian Wealth Enterprises LLC raised its position in Southern by 2.3% in the 2nd quarter. Avidian Wealth Enterprises LLC now owns 4,697 shares of the utilities provider’s stock worth $431,000 after buying an additional 106 shares during the last quarter. Highline Wealth Partners LLC lifted its stake in Southern by 0.7% during the 3rd quarter. Highline Wealth Partners LLC now owns 15,667 shares of the utilities provider’s stock valued at $1,485,000 after acquiring an additional 106 shares during the period. Finally, Sara Bay Financial boosted its holdings in shares of Southern by 2.7% during the 3rd quarter. Sara Bay Financial now owns 4,133 shares of the utilities provider’s stock valued at $392,000 after acquiring an additional 108 shares during the last quarter. 64.10% of the stock is owned by institutional investors.

About Southern

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.