Procyon Private Wealth Partners LLC lifted its stake in shares of The Southern Company (NYSE:SO) by 9.9% during the third quarter, Holdings Channel reports. The fund owned 16,955 shares of the utilities provider’s stock after buying an additional 1,522 shares during the quarter. Procyon Private Wealth Partners LLC’s holdings in Southern were worth $1,051,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in SO. Arrowstreet Capital Limited Partnership acquired a new position in shares of Southern during the 1st quarter valued at $255,000. Baker Tilly Wealth Management LLC acquired a new position in Southern during the first quarter worth $274,000. Gladstone Institutional Advisory LLC acquired a new position in Southern during the first quarter worth $204,000. Stonnington Group LLC acquired a new position in Southern during the first quarter worth $393,000. Finally, Kingsview Wealth Management LLC raised its holdings in Southern by 17.7% during the first quarter. Kingsview Wealth Management LLC now owns 12,204 shares of the utilities provider’s stock worth $761,000 after buying an additional 1,835 shares during the last quarter. Institutional investors own 59.23% of the company’s stock.
Several research analysts have weighed in on the stock. Guggenheim upgraded shares of Southern from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Tuesday, September 7th. Mizuho reduced their target price on shares of Southern from $60.00 to $55.00 and set an “underperform” rating for the company in a research note on Monday, October 4th. KeyCorp upped their target price on shares of Southern from $68.00 to $69.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 19th. Morgan Stanley reduced their target price on shares of Southern from $64.00 to $63.00 and set an “underweight” rating for the company in a research note on Friday, September 17th. Finally, Wells Fargo & Company reiterated a “buy” rating on shares of Southern in a research note on Monday, August 2nd. Three investment analysts have rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Southern has an average rating of “Buy” and a consensus target price of $68.42.
Southern (NYSE:SO) last issued its earnings results on Thursday, November 4th. The utilities provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.01. The firm had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.15 billion. Southern had a net margin of 13.40% and a return on equity of 11.38%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business earned $1.22 earnings per share. Analysts anticipate that The Southern Company will post 3.37 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 6th. Shareholders of record on Monday, November 15th will be given a dividend of $0.66 per share. The ex-dividend date is Friday, November 12th. This represents a $2.64 dividend on an annualized basis and a yield of 4.18%. Southern’s dividend payout ratio is presently 93.29%.
In other news, EVP Bryan D. Anderson sold 22,510 shares of the stock in a transaction dated Tuesday, September 7th. The shares were sold at an average price of $66.87, for a total value of $1,505,243.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen E. Kuczynski sold 2,500 shares of the stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $67.04, for a total transaction of $167,600.00. Following the completion of the sale, the chief executive officer now directly owns 89,151 shares in the company, valued at $5,976,683.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,847 shares of company stock worth $5,711,926. Insiders own 0.43% of the company’s stock.
Southern Company Profile
The Southern Co is a holding company. The firm engages in the sale of electricity. It operates through the following segments: Traditional Electric Operating Companies, Southern Power and Southern Company Gas. 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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