Valmark Advisers Inc. lowered its stake in The Southern Company (NYSE:SO) by 3.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,721 shares of the utilities provider’s stock after selling 255 shares during the period. Valmark Advisers Inc.’s holdings in The Southern were worth $364,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Marino Stram & Associates LLC raised its holdings in The Southern by 35.3% in the second quarter. Marino Stram & Associates LLC now owns 6,004 shares of the utilities provider’s stock valued at $311,000 after buying an additional 1,566 shares during the period. Valeo Financial Advisors LLC raised its position in shares of The Southern by 6.5% in the second quarter. Valeo Financial Advisors LLC now owns 8,214 shares of the utilities provider’s stock worth $426,000 after buying an additional 502 shares in the last quarter. Belpointe Asset Management LLC raised its position in shares of The Southern by 2.9% in the second quarter. Belpointe Asset Management LLC now owns 18,146 shares of the utilities provider’s stock worth $942,000 after buying an additional 508 shares in the last quarter. Plimoth Trust Co. LLC raised its position in shares of The Southern by 3.8% in the second quarter. Plimoth Trust Co. LLC now owns 19,303 shares of the utilities provider’s stock worth $1,001,000 after buying an additional 710 shares in the last quarter. Finally, Capital Investment Advisors LLC raised its position in shares of The Southern by 3.5% in the second quarter. Capital Investment Advisors LLC now owns 466,801 shares of the utilities provider’s stock worth $24,204,000 after buying an additional 15,802 shares in the last quarter. 57.29% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:SO opened at $64.12 on Tuesday. The company has a market capitalization of $67.72 billion, a price-to-earnings ratio of 20.82, a P/E/G ratio of 4.58 and a beta of 0.38. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.97 and a quick ratio of 0.75. The business’s 50-day moving average is $58.95 and its 200-day moving average is $55.33. The Southern Company has a 1 year low of $41.96 and a 1 year high of $71.10.
The Southern (NYSE:SO) last posted its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). The Southern had a return on equity of 10.47% and a net margin of 15.83%. The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same period last year, the company posted $1.34 earnings per share. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. Analysts anticipate that The Southern Company will post 3.16 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 7th. Investors of record on Monday, November 16th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Friday, November 13th. The Southern’s dividend payout ratio (DPR) is currently 82.32%.
Several research firms recently issued reports on SO. UBS Group cut their target price on The Southern from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 1st. Morgan Stanley lifted their target price on shares of The Southern from $57.00 to $60.00 and gave the company an “underweight” rating in a report on Tuesday, October 20th. Barclays upgraded shares of The Southern from an “equal weight” rating to an “overweight” rating and set a $61.00 price objective for the company in a report on Monday, September 21st. Mizuho boosted their price objective on shares of The Southern from $48.00 to $53.00 in a report on Wednesday, October 28th. Finally, KeyCorp lifted their target price on shares of The Southern from $65.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, October 19th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The Southern has a consensus rating of “Hold” and an average target price of $62.50.
In related news, EVP Christopher C. Womack sold 5,930 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $58.00, for a total transaction of $343,940.00. Following the transaction, the executive vice president now directly owns 12,228 shares of the company’s stock, valued at approximately $709,224. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David J. Grain sold 10,291 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $52.92, for a total value of $544,599.72. Following the transaction, the director now directly owns 791 shares in the company, valued at $41,859.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,721 shares of company stock worth $1,026,040. 0.39% of the stock is owned by company insiders.
The Southern Company Profile
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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