Summit Asset Management LLC boosted its holdings in shares of Southern Co (NYSE:SO) by 15.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,868 shares of the utilities provider’s stock after buying an additional 1,165 shares during the period. Summit Asset Management LLC’s holdings in Southern were worth $387,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of SO. Fisher Asset Management LLC increased its holdings in shares of Southern by 40.3% in the second quarter. Fisher Asset Management LLC now owns 8,895 shares of the utilities provider’s stock worth $412,000 after buying an additional 2,555 shares during the period. Confluence Investment Management LLC increased its holdings in shares of Southern by 0.9% in the second quarter. Confluence Investment Management LLC now owns 2,221,714 shares of the utilities provider’s stock worth $102,888,000 after buying an additional 19,517 shares during the period. Creative Financial Designs Inc. ADV increased its holdings in shares of Southern by 18.4% in the second quarter. Creative Financial Designs Inc. ADV now owns 9,473 shares of the utilities provider’s stock worth $439,000 after buying an additional 1,471 shares during the period. Truewealth LLC increased its holdings in shares of Southern by 13.3% in the second quarter. Truewealth LLC now owns 13,899 shares of the utilities provider’s stock worth $644,000 after buying an additional 1,631 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of Southern by 6.2% in the second quarter. Bank of Montreal Can now owns 2,227,020 shares of the utilities provider’s stock worth $103,134,000 after buying an additional 130,718 shares during the period. 57.42% of the stock is owned by hedge funds and other institutional investors.
In other Southern news, EVP Christopher C. Womack sold 16,371 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $47.40, for a total transaction of $775,985.40. Following the transaction, the executive vice president now owns 10,165 shares in the company, valued at approximately $481,821. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.
Southern (NYSE:SO) last posted its earnings results on Wednesday, November 7th. The utilities provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. Southern had a return on equity of 13.06% and a net margin of 9.96%. The firm had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $6.68 billion. During the same quarter in the prior year, the business earned $1.12 EPS. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, analysts expect that Southern Co will post 3.02 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Monday, November 19th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, November 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.14%. Southern’s dividend payout ratio (DPR) is 79.47%.
A number of research analysts recently issued reports on the company. Bank of America upgraded Southern from an “underperform” rating to a “neutral” rating and set a $46.00 price target on the stock in a report on Wednesday, October 10th. SunTrust Banks restated a “hold” rating and set a $48.00 price target on shares of Southern in a report on Thursday. Credit Suisse Group downgraded Southern from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $46.00 to $43.00 in a report on Thursday, August 9th. Scotiabank restated a “sector perform” rating on shares of Southern in a report on Tuesday, July 24th. Finally, Evercore ISI downgraded Southern from an “in-line” rating to an “underperform” rating in a report on Thursday, August 9th. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Southern currently has a consensus rating of “Hold” and an average price target of $45.96.
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The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. 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, New Jersey, Florida, Tennessee, and Maryland, as well as provides gas marketing services, wholesale gas services, and gas midstream operations.
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