Payden & Rygel boosted its stake in Southern Co (NYSE:SO) by 38.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 445,800 shares of the utilities provider’s stock after purchasing an additional 122,900 shares during the quarter. Southern comprises approximately 1.9% of Payden & Rygel’s holdings, making the stock its 16th largest holding. Payden & Rygel’s holdings in Southern were worth $21,439,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in SO. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Southern during the 3rd quarter valued at about $105,000. Monroe Bank & Trust MI raised its position in shares of Southern by 17.9% during the 2nd quarter. Monroe Bank & Trust MI now owns 2,300 shares of the utilities provider’s stock valued at $110,000 after buying an additional 350 shares in the last quarter. AlphaMark Advisors LLC raised its position in shares of Southern by 0.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 2,363 shares of the utilities provider’s stock valued at $113,000 after buying an additional 14 shares in the last quarter. Fieldpoint Private Securities LLC purchased a new stake in shares of Southern during the 3rd quarter valued at about $118,000. Finally, Thompson Davis & CO. Inc. raised its position in shares of Southern by 152.6% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 2,791 shares of the utilities provider’s stock valued at $134,000 after buying an additional 1,686 shares in the last quarter. Institutional investors and hedge funds own 53.64% of the company’s stock.
Several brokerages have recently issued reports on SO. JPMorgan Chase & Co. began coverage on shares of Southern in a research report on Friday, January 12th. They set an “underweight” rating and a $46.00 target price on the stock. SunTrust Banks restated a “hold” rating and set a $52.00 target price on shares of Southern in a research report on Friday, October 20th. Mizuho restated a “buy” rating and set a $52.00 target price on shares of Southern in a research report on Tuesday, December 26th. Bank of America restated an “underperform” rating and set a $51.00 target price on shares of Southern in a research report on Tuesday, October 24th. Finally, ValuEngine downgraded shares of Southern from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Southern has a consensus rating of “Hold” and a consensus price target of $50.50.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Tuesday, February 20th will be issued a dividend of $0.58 per share. The ex-dividend date is Friday, February 16th. This represents a $2.32 annualized dividend and a yield of 5.35%. Southern’s payout ratio is 414.29%.
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Southern Company Profile
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional electric operating companies and the parent entities of Southern Power Company (Southern Power) and Southern Company Gas, and owns other direct and indirect subsidiaries. The Company’s segments include Gas distribution operations, Gas marketing services, Wholesale gas services, Gas midstream operations and All other.
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