Burke & Herbert Bank & Trust Co. raised its position in shares of Southern Co. (NYSE:SO) by 8.9% during the second quarter, Holdings Channel reports. The institutional investor owned 6,229 shares of the company’s stock after buying an additional 509 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Southern were worth $334,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SO. State Street Corp increased its position in Southern by 7.9% in the first quarter. State Street Corp now owns 45,685,547 shares of the company’s stock worth $2,363,311,000 after buying an additional 3,331,298 shares in the last quarter. Bank of Montreal Can acquired a new position in Southern during the second quarter worth $77,486,000. BlackRock Fund Advisors increased its position in Southern by 8.8% in the first quarter. BlackRock Fund Advisors now owns 16,837,913 shares of the company’s stock worth $871,025,000 after buying an additional 1,356,320 shares in the last quarter. Renaissance Technologies LLC increased its position in Southern by 39.9% in the first quarter. Renaissance Technologies LLC now owns 3,473,700 shares of the company’s stock worth $179,695,000 after buying an additional 990,300 shares in the last quarter. Finally, Pictet Asset Management Ltd. increased its position in Southern by 19.7% in the first quarter. Pictet Asset Management Ltd. now owns 4,370,665 shares of the company’s stock worth $210,579,000 after buying an additional 720,070 shares in the last quarter. Institutional investors and hedge funds own 48.64% of the company’s stock.
Southern Co. (NYSE:SO) traded down 0.64% during trading on Wednesday, hitting $49.52. 5,617,546 shares of the stock were exchanged. The stock has a market capitalization of $46.63 billion, a price-to-earnings ratio of 19.66 and a beta of 0.08. The firm has a 50-day moving average of $51.81 and a 200-day moving average of $51.41. Southern Co. has a 52 week low of $43.38 and a 52 week high of $54.64.
Southern (NYSE:SO) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.54 billion. Southern had a net margin of 13.77% and a return on equity of 12.50%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 earnings per share. Equities research analysts anticipate that Southern Co. will post $2.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 15th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date of this dividend was Thursday, August 11th. Southern’s dividend payout ratio is presently 87.50%.
A number of research analysts have recently weighed in on SO shares. SunTrust Banks Inc. raised their price target on shares of Southern from $52.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, September 26th. Mizuho raised their target price on shares of Southern from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, July 12th. Barclays PLC upgraded shares of Southern from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $54.00 to $62.00 in a research note on Thursday, July 14th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Southern from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Tuesday, September 27th. Finally, Jefferies Group raised their target price on shares of Southern from $50.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $53.50.
In other Southern news, EVP Christopher C. Womack sold 46,008 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $53.40, for a total transaction of $2,456,827.20. Following the sale, the executive vice president now directly owns 56,149 shares of the company’s stock, valued at $2,998,356.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Stan W. Connally sold 14,392 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $53.75, for a total transaction of $773,570.00. Following the sale, the chief executive officer now directly owns 17,716 shares in the company, valued at $952,235. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.
Southern Company Profile
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional operating companies and Southern Power Company (Southern Power), and owns other direct and indirect subsidiaries. Southern Company’s segments include the sale of electricity by four traditional operating companies, Southern Power and All Other.
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