M&T Bank Corp cut its stake in Southern Co (NYSE:SO) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,415 shares of the utilities provider’s stock after selling 6,302 shares during the period. M&T Bank Corp’s holdings in Southern were worth $9,251,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Koshinski Asset Management Inc. increased its position in shares of Southern by 113.0% in the second quarter. Koshinski Asset Management Inc. now owns 13,699 shares of the utilities provider’s stock worth $710,000 after purchasing an additional 7,269 shares during the period. Iberiabank Corp grew its stake in Southern by 12.5% during the second quarter. Iberiabank Corp now owns 79,710 shares of the utilities provider’s stock worth $4,133,000 after buying an additional 8,876 shares in the last quarter. Strategic Point Investment Advisors LLC acquired a new stake in Southern during the second quarter worth about $291,000. Pacer Advisors Inc. increased its holdings in Southern by 8,221.1% in the 2nd quarter. Pacer Advisors Inc. now owns 88,703 shares of the utilities provider’s stock valued at $4,599,000 after buying an additional 87,637 shares during the period. Finally, V Wealth Advisors LLC raised its position in shares of Southern by 71.3% in the 2nd quarter. V Wealth Advisors LLC now owns 10,718 shares of the utilities provider’s stock valued at $556,000 after buying an additional 4,460 shares in the last quarter. Hedge funds and other institutional investors own 58.82% of the company’s stock.
In related news, CEO Stephen E. Kuczynski sold 2,500 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the chief executive officer now owns 76,996 shares in the company, valued at $4,234,780. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP James Y. Kerr II sold 50,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $59.41, for a total transaction of $2,970,500.00. Following the sale, the executive vice president now directly owns 117,206 shares in the company, valued at approximately $6,963,208.46. The disclosure for this sale can be found here. Insiders have sold a total of 57,000 shares of company stock valued at $3,365,090 in the last three months. Insiders own 0.39% of the company’s stock.
A number of research analysts recently issued reports on the stock. Seaport Global Securities started coverage on shares of Southern in a research note on Wednesday, May 20th. They issued a “buy” rating and a $60.00 price objective on the stock. Credit Suisse Group upgraded Southern from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $60.00 to $61.00 in a research note on Monday, May 4th. Royal Bank of Canada restated a “buy” rating and set a $67.00 price objective on shares of Southern in a research report on Thursday, April 30th. Zacks Investment Research cut Southern from a “buy” rating to a “hold” rating and set a $59.00 target price on the stock. in a research report on Tuesday, May 5th. Finally, Morgan Stanley boosted their target price on Southern from $53.00 to $55.00 and gave the stock an “underweight” rating in a research note on Friday, July 17th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Southern currently has an average rating of “Hold” and a consensus price target of $62.16.
NYSE SO opened at $54.61 on Friday. The company has a market capitalization of $57.72 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 4.34 and a beta of 0.42. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 1.44. Southern Co has a twelve month low of $41.96 and a twelve month high of $71.10. The stock has a fifty day simple moving average of $53.86 and a 200 day simple moving average of $58.51.
Southern (NYSE:SO) last released its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.11. Southern had a return on equity of 10.48% and a net margin of 15.83%. The firm had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same quarter in the previous year, the company posted $0.80 EPS. The business’s revenue was down 9.4% on a year-over-year basis. Research analysts expect that Southern Co will post 3.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date of this dividend is Friday, August 14th. Southern’s dividend payout ratio is presently 82.32%.
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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