Convergence Investment Partners LLC Sells 9,067 Shares of Southern Co (NYSE:SO)

Convergence Investment Partners LLC decreased its position in Southern Co (NYSE:SO) by 27.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,666 shares of the utilities provider’s stock after selling 9,067 shares during the quarter. Convergence Investment Partners LLC’s holdings in Southern were worth $1,227,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SO. Pictet Asset Management Ltd. raised its position in shares of Southern by 29.0% in the first quarter. Pictet Asset Management Ltd. now owns 6,930,066 shares of the utilities provider’s stock valued at $375,194,000 after purchasing an additional 1,559,259 shares during the period. Prudential PLC increased its position in Southern by 4,124.1% during the first quarter. Prudential PLC now owns 1,269,779 shares of the utilities provider’s stock worth $68,746,000 after acquiring an additional 1,239,719 shares during the period. APG Asset Management N.V. increased its position in Southern by 43.2% during the first quarter. APG Asset Management N.V. now owns 3,848,778 shares of the utilities provider’s stock worth $208,373,000 after acquiring an additional 1,161,563 shares during the period. Swiss National Bank increased its position in Southern by 20.8% during the first quarter. Swiss National Bank now owns 5,484,919 shares of the utilities provider’s stock worth $296,954,000 after acquiring an additional 943,400 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in Southern by 3.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 26,943,465 shares of the utilities provider’s stock worth $1,458,719,000 after acquiring an additional 940,199 shares during the period. 58.82% of the stock is currently owned by institutional investors.

NYSE SO traded down $0.63 on Friday, hitting $54.61. 5,643,630 shares of the company were exchanged, compared to its average volume of 3,498,701. The firm has a 50 day moving average of $53.86 and a two-hundred day moving average of $58.51. The company has a market cap of $57.72 billion, a P/E ratio of 17.73, a P/E/G ratio of 4.39 and a beta of 0.42. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 1.44. Southern Co has a 1-year low of $41.96 and a 1-year high of $71.10.

Southern (NYSE:SO) last issued its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.11. The business had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.93 billion. Southern had a net margin of 15.83% and a return on equity of 10.48%. The firm’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. Research analysts anticipate that Southern Co will post 3.15 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 17th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.56 annualized dividend and a yield of 4.69%. Southern’s dividend payout ratio (DPR) is 82.32%.

SO has been the topic of a number of research reports. Seaport Global Securities initiated coverage on shares of Southern in a research report on Wednesday, May 20th. They set a “buy” rating and a $60.00 target price on the stock. Argus upgraded shares of Southern from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Monday, April 13th. Morgan Stanley lifted their price target on shares of Southern from $53.00 to $55.00 and gave the stock an “underweight” rating in a research note on Friday, July 17th. Royal Bank of Canada reiterated a “buy” rating and set a $67.00 price target on shares of Southern in a research note on Thursday, April 30th. Finally, KeyCorp decreased their price target on shares of Southern from $71.00 to $65.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $62.16.

In other Southern news, CEO Stephen E. Kuczynski sold 2,000 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $54.47, for a total transaction of $108,940.00. Following the completion of the sale, the chief executive officer now directly owns 83,996 shares of the company’s stock, valued at approximately $4,575,262.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ernest J. Moniz acquired 3,500 shares of the company’s stock in a transaction on Monday, May 4th. The shares were purchased at an average cost of $54.72 per share, with a total value of $191,520.00. Following the completion of the acquisition, the director now directly owns 3,500 shares in the company, valued at approximately $191,520. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 57,000 shares of company stock worth $3,365,090. 0.39% of the stock is owned by corporate insiders.

Southern Company 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 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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Institutional Ownership by Quarter for Southern (NYSE:SO)

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