Voloridge Investment Management LLC boosted its position in shares of The Southern Company (NYSE:SO) by 8,860.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 599,554 shares of the utilities provider’s stock after purchasing an additional 592,863 shares during the period. Voloridge Investment Management LLC owned approximately 0.06% of The Southern worth $37,268,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SO. Price T Rowe Associates Inc. MD grew its holdings in The Southern by 12.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,940,360 shares of the utilities provider’s stock worth $2,731,333,000 after acquiring an additional 4,972,698 shares in the last quarter. Norges Bank acquired a new position in The Southern during the 4th quarter worth $247,302,000. Cohen & Steers Inc. grew its holdings in The Southern by 843,210.3% during the 1st quarter. Cohen & Steers Inc. now owns 2,858,822 shares of the utilities provider’s stock worth $177,704,000 after acquiring an additional 2,858,483 shares in the last quarter. GSB Wealth Management LLC grew its holdings in The Southern by 18,481.8% during the 1st quarter. GSB Wealth Management LLC now owns 1,389,919 shares of the utilities provider’s stock worth $83,225,000 after acquiring an additional 1,382,439 shares in the last quarter. Finally, Zimmer Partners LP acquired a new position in The Southern during the 1st quarter worth $83,148,000. 59.03% of the stock is owned by institutional investors and hedge funds.
SO has been the subject of several recent analyst reports. KeyCorp raised their price objective on shares of The Southern from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, April 21st. Barclays raised their price target on shares of The Southern from $70.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 25th. Wells Fargo & Company raised their price target on shares of The Southern from $71.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, April 26th. Morgan Stanley reduced their price target on shares of The Southern from $62.00 to $60.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, Argus raised their price target on shares of The Southern from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, May 19th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $66.85.
The Southern (NYSE:SO) last released its quarterly earnings results on Thursday, April 29th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.13. The Southern had a net margin of 15.99% and a return on equity of 11.28%. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.44 billion. Equities research analysts anticipate that The Southern Company will post 3.34 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 7th. Shareholders of record on Monday, August 16th will be given a dividend of $0.66 per share. The ex-dividend date is Friday, August 13th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.18%. The Southern’s dividend payout ratio (DPR) is 81.23%.
In other news, CEO Stephen E. Kuczynski sold 2,500 shares of The Southern stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $66.45, for a total value of $166,125.00. Following the transaction, the chief executive officer now owns 94,151 shares of the company’s stock, valued at approximately $6,256,333.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ann P. Daiss sold 4,425 shares of The Southern stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $66.05, for a total transaction of $292,271.25. Following the completion of the transaction, the insider now directly owns 14,501 shares in the company, valued at approximately $957,791.05. The disclosure for this sale can be found here. Insiders have sold a total of 9,425 shares of company stock worth $618,721 over the last 90 days. 0.43% of the stock is owned by insiders.
The Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy and battery energy storage 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, wholesale gas services, and gas pipeline investments operations.
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