Bruderman Asset Management LLC trimmed its position in Southern Co (NYSE:SO) by 32.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 160,951 shares of the utilities provider’s stock after selling 77,906 shares during the period. Southern accounts for 1.8% of Bruderman Asset Management LLC’s portfolio, making the stock its 13th biggest position. Bruderman Asset Management LLC’s holdings in Southern were worth $7,454,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Well Done LLC bought a new stake in Southern in the first quarter worth $100,000. Kaizen Advisory LLC boosted its holdings in Southern by 133.8% in the second quarter. Kaizen Advisory LLC now owns 2,284 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 1,307 shares in the last quarter. Destination Wealth Management boosted its holdings in Southern by 359.3% in the second quarter. Destination Wealth Management now owns 2,315 shares of the utilities provider’s stock worth $107,000 after acquiring an additional 1,811 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Southern in the second quarter worth $119,000. Finally, Horan Capital Advisors LLC. bought a new stake in Southern in the second quarter worth $121,000. 57.34% of the stock is currently owned by institutional investors.
Several research firms have commented on SO. Scotiabank reissued a “sector perform” rating on shares of Southern in a report on Tuesday, July 24th. Credit Suisse Group downgraded Southern from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $46.00 to $43.00 in a report on Thursday, August 9th. TheStreet raised Southern from a “c” rating to a “b-” rating in a report on Monday, June 4th. Deutsche Bank dropped their target price on Southern from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 22nd. Finally, Morgan Stanley dropped their target price on Southern from $44.00 to $42.00 and set an “underweight” rating on the stock in a report on Wednesday, June 13th. Eight research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Southern presently has a consensus rating of “Hold” and an average target price of $47.10.
Southern (NYSE:SO) last announced its quarterly earnings results on Wednesday, August 8th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.28 billion. Southern had a return on equity of 13.06% and a net margin of 9.96%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 earnings per share. research analysts predict that Southern Co will post 2.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 6th. Stockholders of record on Monday, August 20th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date of this dividend was Friday, August 17th. Southern’s payout ratio is currently 79.47%.
In other news, EVP Christopher C. Womack sold 16,371 shares of the company’s stock in a transaction 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 directly owns 10,165 shares of the company’s stock, valued at $481,821. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.
The Southern Co is a holding company, which engages in the sale of electricity. It operates through the following segments: Traditional Electric Operating Companies, Southern Power, Southern Company Gas, and All Other. The Traditional Electric Operating Companies segment refers to vertically integrated utilities that own generation, transmission and distribution facilities, and supplies electric services in the states of Alabama, Georgia, Florida, and Mississippi.
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