PNC Financial Services Group Inc. Grows Stake in Southern Company (The) $SO

PNC Financial Services Group Inc. boosted its stake in shares of Southern Company (The) (NYSE:SO) by 1.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 530,629 shares of the utilities provider’s stock after purchasing an additional 8,597 shares during the period. PNC Financial Services Group Inc.’s holdings in Southern were worth $50,288,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SO. Donaldson Capital Management LLC lifted its position in Southern by 2,785.8% in the third quarter. Donaldson Capital Management LLC now owns 563,027 shares of the utilities provider’s stock worth $53,358,000 after buying an additional 543,517 shares during the last quarter. Matrix Trust Co purchased a new stake in shares of Southern in the third quarter valued at $1,813,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Southern in the third quarter valued at $4,852,000. Alpha Cubed Investments LLC lifted its holdings in shares of Southern by 23.6% in the 2nd quarter. Alpha Cubed Investments LLC now owns 7,145 shares of the utilities provider’s stock worth $656,000 after acquiring an additional 1,366 shares during the last quarter. Finally, Shelton Capital Management boosted its stake in shares of Southern by 700.6% during the 2nd quarter. Shelton Capital Management now owns 161,618 shares of the utilities provider’s stock worth $14,841,000 after purchasing an additional 141,430 shares during the period. 64.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SO shares. Jefferies Financial Group reduced their price objective on shares of Southern from $104.00 to $93.00 and set a “neutral” rating on the stock in a research report on Monday, December 15th. KeyCorp reduced their price target on Southern from $87.00 to $76.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Morgan Stanley reissued an “underweight” rating and set a $85.00 price target on shares of Southern in a research note on Wednesday, January 21st. Mizuho cut their price objective on Southern from $97.00 to $88.00 and set a “neutral” rating on the stock in a research report on Thursday, December 11th. Finally, Wall Street Zen downgraded Southern from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Four analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.91.

Southern Trading Up 2.6%

SO opened at $94.93 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.75 and a debt-to-equity ratio of 1.69. The stock’s fifty day moving average is $88.09 and its two-hundred day moving average is $91.33. The company has a market capitalization of $104.53 billion, a P/E ratio of 23.50, a PEG ratio of 2.87 and a beta of 0.45. Southern Company has a 52 week low of $83.09 and a 52 week high of $100.83.

Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, February 17th. Southern’s payout ratio is presently 73.27%.

Southern Company Profile

Southern Company (NYSE: SO) is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.

Southern’s principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.