Burke & Herbert Bank & Trust Co. Decreases Stake in The Southern Company (NYSE:SO)

Burke & Herbert Bank & Trust Co. lessened its stake in shares of The Southern Company (NYSE:SO) by 1.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,055 shares of the utilities provider’s stock after selling 175 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Southern were worth $1,448,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Central Pacific Bank Trust Division purchased a new stake in Southern during the 1st quarter valued at about $39,000. Cedar Wealth Management LLC boosted its position in Southern by 63.2% in the first quarter. Cedar Wealth Management LLC now owns 545 shares of the utilities provider’s stock valued at $39,000 after buying an additional 211 shares during the last quarter. TruNorth Capital Management LLC acquired a new position in Southern in the 2nd quarter worth approximately $39,000. Versant Capital Management Inc raised its position in Southern by 31.8% during the 2nd quarter. Versant Capital Management Inc now owns 585 shares of the utilities provider’s stock worth $45,000 after buying an additional 141 shares during the last quarter. Finally, West Branch Capital LLC lifted its stake in Southern by 34.7% during the 3rd quarter. West Branch Capital LLC now owns 501 shares of the utilities provider’s stock valued at $45,000 after acquiring an additional 129 shares during the period. Institutional investors and hedge funds own 64.10% of the company’s stock.

Southern Price Performance

Shares of SO traded down $0.04 during mid-day trading on Friday, hitting $93.57. 140,355 shares of the company were exchanged, compared to its average volume of 4,400,300. The stock has a market cap of $102.31 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 3.33 and a beta of 0.52. The Southern Company has a 1-year low of $65.80 and a 1-year high of $94.45. The company has a 50 day moving average of $89.18 and a 200-day moving average of $82.20. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.66 and a current ratio of 0.91.

Southern (NYSE:SO) last released its earnings results on Thursday, August 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.19. Southern had a return on equity of 12.88% and a net margin of 17.67%. The business had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter last year, the business posted $0.79 earnings per share. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. Analysts expect that The Southern Company will post 4.02 EPS for the current fiscal year.

Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Monday, November 18th. Southern’s payout ratio is 68.57%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Scotiabank raised their target price on shares of Southern from $87.00 to $96.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. BMO Capital Markets lifted their price objective on Southern from $87.00 to $94.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Mizuho downgraded Southern from an “outperform” rating to a “neutral” rating and set a $90.00 target price on the stock. in a research note on Monday, September 16th. Bank of America lifted their price target on Southern from $86.00 to $87.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, Guggenheim upped their price objective on Southern from $93.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $89.07.

Insider Activity

In related news, EVP Sterling A. Jr. Spainhour sold 2,380 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $88.99, for a total transaction of $211,796.20. Following the transaction, the executive vice president now directly owns 12,500 shares in the company, valued at approximately $1,112,375. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Sterling A. Jr. Spainhour sold 2,380 shares of Southern stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $88.99, for a total transaction of $211,796.20. Following the transaction, the executive vice president now owns 12,500 shares in the company, valued at approximately $1,112,375. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 completion of the sale, the chief executive officer now owns 145,088 shares of the company’s stock, valued at approximately $13,005,688.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,945 shares of company stock worth $3,488,826 over the last three months. Insiders own 0.18% of the company’s stock.

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.