The Southern Company (NYSE:SO) Shares Sold by Associated Banc Corp

Associated Banc Corp cut its position in shares of The Southern Company (NYSE:SO) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,620 shares of the utilities provider’s stock after selling 8,332 shares during the quarter. Associated Banc Corp’s holdings in Southern were worth $8,894,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Mizuho Securities USA LLC increased its stake in shares of Southern by 17,272.6% during the 3rd quarter. Mizuho Securities USA LLC now owns 14,647,000 shares of the utilities provider’s stock valued at $1,320,866,000 after acquiring an additional 14,562,689 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Southern by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,405,596 shares of the utilities provider’s stock worth $577,657,000 after purchasing an additional 52,414 shares during the last quarter. Swiss National Bank raised its stake in Southern by 0.5% during the third quarter. Swiss National Bank now owns 3,245,500 shares of the utilities provider’s stock worth $292,679,000 after purchasing an additional 15,300 shares during the period. Raymond James & Associates grew its stake in shares of Southern by 5.7% during the 3rd quarter. Raymond James & Associates now owns 2,718,040 shares of the utilities provider’s stock valued at $245,113,000 after buying an additional 145,810 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Southern by 3.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,619,995 shares of the utilities provider’s stock worth $236,271,000 after buying an additional 82,946 shares during the last quarter. Institutional investors and hedge funds own 64.10% of the company’s stock.

Southern Stock Performance

Shares of NYSE:SO traded up $0.74 during trading on Monday, reaching $88.34. 379,400 shares of the company’s stock traded hands, compared to its average volume of 4,423,261. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.91 and a quick ratio of 0.66. The company has a 50 day moving average of $89.73 and a 200-day moving average of $84.79. The stock has a market capitalization of $96.79 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 3.20 and a beta of 0.52. The Southern Company has a 12 month low of $65.80 and a 12 month high of $94.45.

Southern (NYSE:SO) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.33 by $0.10. Southern had a net margin of 17.87% and a return on equity of 12.78%. The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.14 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities analysts expect that The Southern Company will post 4.03 EPS for the current year.

Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a $0.72 dividend. The ex-dividend date is Monday, November 18th. This represents a $2.88 dividend on an annualized basis and a yield of 3.26%. Southern’s dividend payout ratio is presently 66.98%.

Insiders Place Their Bets

In related news, EVP Bryan D. Anderson sold 6,565 shares of Southern stock in a transaction on Friday, September 6th. The stock was sold at an average price of $89.54, for a total value of $587,830.10. Following the transaction, the executive vice president now directly owns 44,467 shares in the company, valued at $3,981,575.18. The trade was a 12.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Y. Kerr II sold 30,000 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $89.64, for a total value of $2,689,200.00. Following the sale, the chief executive officer now directly owns 145,088 shares of the company’s stock, valued at approximately $13,005,688.32. This represents a 17.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on SO shares. Jefferies Financial Group began coverage on Southern in a report on Friday, September 20th. They issued a “hold” rating and a $94.00 target price on the stock. Morgan Stanley decreased their target price on Southern from $88.00 to $85.00 and set an “equal weight” rating for the company in a report on Friday. Guggenheim lifted their price target on shares of Southern from $93.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Bank of America raised their price objective on Southern from $86.00 to $87.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, Scotiabank increased their target price on Southern from $87.00 to $96.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $89.47.

Southern Company Profile

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy 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, gas distribution operations, and gas pipeline investments operations.