34,256 Shares in Southern Company (The) $SO Purchased by Perigon Wealth Management LLC

Perigon Wealth Management LLC bought a new position in shares of Southern Company (The) (NYSE:SO) during the second quarter, Holdings Channel reports. The fund bought 34,256 shares of the utilities provider’s stock, valued at approximately $3,279,000.

Other hedge funds have also made changes to their positions in the company. Evergreen Advisors LLC purchased a new stake in shares of Southern during the 1st quarter valued at approximately $25,000. Scarborough Advisors LLC acquired a new stake in Southern during the first quarter worth $25,000. Ankerstar Wealth LLC acquired a new position in shares of Southern in the 4th quarter valued at $25,000. Cornerstone Financial Management LLC acquired a new position in shares of Southern in the 4th quarter valued at $27,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Southern during the 4th quarter worth $27,000. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Southern Stock Performance

NYSE:SO opened at $92.42 on Tuesday. The company has a fifty day simple moving average of $94.71 and a two-hundred day simple moving average of $94.37. The company has a market cap of $106.32 billion, a price-to-earnings ratio of 22.16, a price-to-earnings-growth ratio of 1.78 and a beta of 0.34. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62. Southern Company has a 52 week low of $83.80 and a 52 week high of $100.83.

Southern (NYSE:SO) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.12. The business had revenue of $6.98 billion for the quarter, compared to analyst estimates of $7.23 billion. Southern had a return on equity of 12.93% and a net margin of 15.43%.The company’s revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 earnings per share. As a group, equities analysts anticipate that Southern Company will post 4.58 earnings per share for the current fiscal year.

Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.3%. Southern’s payout ratio is currently 72.90%.

Wall Street Analysts Forecast Growth

SO has been the subject of a number of recent analyst reports. Truist Financial cut their price objective on Southern from $100.00 to $97.00 and set a “hold” rating for the company in a research report on Thursday. BMO Capital Markets boosted their target price on Southern from $102.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Southern in a research report on Wednesday, July 29th. Wall Street Zen cut Southern from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Raymond James Financial reissued an “outperform” rating and set a $104.00 target price on shares of Southern in a research note on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Southern presently has an average rating of “Hold” and an average target price of $100.09.

Southern Profile

Southern Company (NYSE: SO) is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.

Southern’s principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.