Teacher Retirement System of Texas trimmed its position in The Southern Company (NYSE:SO) by 19.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 174,320 shares of the utilities provider’s stock after selling 40,875 shares during the quarter. Teacher Retirement System of Texas’ holdings in The Southern were worth $10,836,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. D L Carlson Investment Group Inc. bought a new position in The Southern during the first quarter worth about $2,733,000. Lumature Wealth Partners LLC boosted its holdings in The Southern by 31.9% during the first quarter. Lumature Wealth Partners LLC now owns 8,276 shares of the utilities provider’s stock worth $514,000 after buying an additional 2,000 shares during the last quarter. Maryland Capital Management boosted its holdings in The Southern by 9.9% during the first quarter. Maryland Capital Management now owns 166,973 shares of the utilities provider’s stock worth $10,379,000 after buying an additional 15,070 shares during the last quarter. Synovus Financial Corp boosted its holdings in The Southern by 28.5% during the first quarter. Synovus Financial Corp now owns 1,500,704 shares of the utilities provider’s stock worth $93,264,000 after buying an additional 332,766 shares during the last quarter. Finally, CIBC World Markets Inc. boosted its holdings in The Southern by 6.9% during the first quarter. CIBC World Markets Inc. now owns 83,941 shares of the utilities provider’s stock worth $5,218,000 after buying an additional 5,406 shares during the last quarter. Hedge funds and other institutional investors own 59.09% of the company’s stock.
NYSE SO opened at $63.88 on Friday. The company has a market cap of $67.69 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 3.93 and a beta of 0.44. The Southern Company has a 52 week low of $50.40 and a 52 week high of $66.93. The company has a 50 day moving average price of $64.45. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.82 and a quick ratio of 0.64.
The business also recently declared a quarterly dividend, which was paid on Monday, June 7th. Shareholders of record on Monday, May 17th were given a dividend of $0.66 per share. This is a positive change from The Southern’s previous quarterly dividend of $0.64. The ex-dividend date was Friday, May 14th. This represents a $2.64 annualized dividend and a dividend yield of 4.13%. The Southern’s payout ratio is 81.23%.
SO has been the topic of several recent analyst reports. Mizuho cut their price objective on The Southern from $61.00 to $59.00 and set an “underperform” rating on the stock in a report on Wednesday. KeyCorp lifted their price objective on The Southern from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, April 21st. Wells Fargo & Company lifted their price objective on The Southern from $71.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, April 26th. Credit Suisse Group reiterated a “buy” rating on shares of The Southern in a report on Wednesday, May 19th. Finally, Argus lifted their price objective on The Southern from $68.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, May 19th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $67.08.
In related news, CEO Stephen E. Kuczynski sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 1st. The stock was sold at an average price of $64.13, for a total transaction of $160,325.00. Following the transaction, the chief executive officer now directly owns 91,651 shares of the company’s stock, valued at approximately $5,877,578.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ann P. Daiss sold 4,425 shares of the business’s stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $66.05, for a total value of $292,271.25. Following the transaction, the insider now directly owns 14,501 shares in the company, valued at $957,791.05. The disclosure for this sale can be found here. Insiders have sold a total of 42,474 shares of company stock worth $2,778,346 in the last ninety days. Insiders own 0.43% of the company’s stock.
The Southern 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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