Amundi Pioneer Asset Management Inc. increased its position in Southern Co (NYSE:SO) by 18.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 692,527 shares of the utilities provider’s stock after acquiring an additional 109,538 shares during the quarter. Amundi Pioneer Asset Management Inc.’s holdings in Southern were worth $35,791,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Western Wealth Management LLC boosted its position in shares of Southern by 3.4% during the 1st quarter. Western Wealth Management LLC now owns 5,833 shares of the utilities provider’s stock valued at $307,000 after acquiring an additional 193 shares during the last quarter. Webster Bank N. A. boosted its position in shares of Southern by 15.3% during the 1st quarter. Webster Bank N. A. now owns 1,509 shares of the utilities provider’s stock valued at $78,000 after acquiring an additional 200 shares during the last quarter. Home Federal Bank of Tennessee boosted its position in shares of Southern by 1.4% during the 1st quarter. Home Federal Bank of Tennessee now owns 14,242 shares of the utilities provider’s stock valued at $736,000 after acquiring an additional 200 shares during the last quarter. Resources Management Corp CT ADV boosted its position in shares of Southern by 1.8% during the 4th quarter. Resources Management Corp CT ADV now owns 11,261 shares of the utilities provider’s stock valued at $494,000 after acquiring an additional 201 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Southern by 1.3% during the 1st quarter. Victory Capital Management Inc. now owns 15,156 shares of the utilities provider’s stock valued at $783,000 after acquiring an additional 201 shares during the last quarter. 56.67% of the stock is owned by institutional investors.
A number of research analysts have recently commented on the company. KeyCorp assumed coverage on Southern in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Zacks Investment Research downgraded Southern from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st. ValuEngine upgraded Southern from a “hold” rating to a “buy” rating in a research report on Friday, May 10th. Evercore ISI upgraded Southern from an “in-line” rating to an “outperform” rating in a research report on Friday, May 3rd. Finally, Credit Suisse Group set a $51.00 price target on Southern and gave the stock a “sell” rating in a research report on Monday, April 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.23.
Southern (NYSE:SO) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.70 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.70. Southern had a return on equity of 10.37% and a net margin of 15.03%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business’s revenue was down 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Southern Co will post 3.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Monday, May 20th were paid a $0.62 dividend. This is a positive change from Southern’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, May 17th. This represents a $2.48 dividend on an annualized basis and a yield of 4.55%. Southern’s dividend payout ratio (DPR) is presently 80.78%.
In other Southern news, EVP James Y. Kerr II sold 100,000 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $54.40, for a total value of $5,440,000.00. Following the sale, the executive vice president now owns 142,655 shares in the company, valued at $7,760,432. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ann P. Daiss sold 7,850 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $54.06, for a total value of $424,371.00. Following the transaction, the insider now owns 17,862 shares in the company, valued at approximately $965,619.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 708,324 shares of company stock worth $37,841,279. Insiders own 0.88% of the company’s stock.
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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 facilities 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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