Bridge Creek Capital Management LLC cut its stake in shares of Southern Co. (NYSE:SO) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 42,980 shares of the company’s stock after selling 565 shares during the period. Bridge Creek Capital Management LLC’s holdings in Southern were worth $2,305,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in SO. Zions Bancorporation increased its stake in Southern by 1.3% in the first quarter. Zions Bancorporation now owns 2,559 shares of the company’s stock worth $132,000 after buying an additional 32 shares during the last quarter. Barnett & Company Inc. bought a new stake in Southern during the first quarter worth $155,000. First New York Securities LLC NY bought a new stake in Southern during the second quarter worth $166,000. Cribstone Capital Management LLC bought a new stake in Southern during the second quarter worth $184,000. Finally, Montrusco Bolton Investments Inc. increased its stake in Southern by 0.5% in the second quarter. Montrusco Bolton Investments Inc. now owns 3,880 shares of the company’s stock worth $208,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 48.64% of the company’s stock.
Shares of Southern Co. (NYSE:SO) traded up 0.79% during midday trading on Tuesday, hitting $51.09. The stock had a trading volume of 4,333,342 shares. The firm’s 50-day moving average price is $51.40 and its 200-day moving average price is $51.36. Southern Co. has a 1-year low of $43.38 and a 1-year high of $54.64. The stock has a market cap of $48.11 billion, a price-to-earnings ratio of 20.28 and a beta of 0.08.
Southern (NYSE:SO) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company earned $4.45 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Southern had a return on equity of 12.50% and a net margin of 13.77%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 earnings per share. Analysts forecast that Southern Co. will post $2.86 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Monday, November 21st will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend is Thursday, November 17th. Southern’s dividend payout ratio is 87.50%.
SO has been the subject of a number of recent analyst reports. SunTrust Banks Inc. upped their target price on Southern from $52.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, September 26th. Mizuho upped their target price on Southern from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday, July 12th. Barclays PLC upgraded Southern from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $54.00 to $62.00 in a research report on Thursday, July 14th. They noted that the move was a valuation call. Zacks Investment Research upgraded Southern from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Tuesday, September 27th. Finally, Jefferies Group upped their price objective on Southern from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.50.
In related news, CEO Stan W. Connally sold 14,392 shares of Southern 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 completion of the sale, the chief executive officer now owns 17,716 shares of the company’s stock, valued at $952,235. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark A. Crosswhite sold 167,273 shares of Southern stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $53.30, for a total value of $8,915,650.90. Following the sale, the chief executive officer now directly owns 171,983 shares of the company’s stock, valued at approximately $9,166,693.90. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
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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