Westpac Banking Corp Boosts Holdings in Southern Company (The) $SO

Westpac Banking Corp increased its holdings in shares of Southern Company (The) (NYSE:SO) by 735.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 23,155 shares of the utilities provider’s stock after purchasing an additional 20,385 shares during the period. Westpac Banking Corp’s holdings in Southern were worth $2,194,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SO. Gladstone Institutional Advisory LLC boosted its stake in Southern by 0.5% in the third quarter. Gladstone Institutional Advisory LLC now owns 21,461 shares of the utilities provider’s stock valued at $2,034,000 after acquiring an additional 105 shares in the last quarter. Venturi Wealth Management LLC boosted its position in Southern by 0.7% during the third quarter. Venturi Wealth Management LLC now owns 15,230 shares of the utilities provider’s stock worth $1,443,000 after acquiring an additional 105 shares during the last quarter. Highline Wealth Partners LLC raised its holdings in Southern by 0.7% in the 3rd quarter. Highline Wealth Partners LLC now owns 15,667 shares of the utilities provider’s stock valued at $1,485,000 after acquiring an additional 106 shares during the last quarter. Sara Bay Financial increased its stake in Southern by 2.7% in the third quarter. Sara Bay Financial now owns 4,133 shares of the utilities provider’s stock valued at $392,000 after purchasing an additional 108 shares during the last quarter. Finally, Cornerstone Wealth Management LLC lifted its position in Southern by 2.1% during the third quarter. Cornerstone Wealth Management LLC now owns 5,155 shares of the utilities provider’s stock worth $489,000 after buying an additional 108 shares during the period. Institutional investors and hedge funds own 64.10% of the company’s stock.

Southern Trading Up 0.2%

Shares of NYSE:SO opened at $95.99 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.47 and a debt-to-equity ratio of 1.69. The firm has a market cap of $105.69 billion, a P/E ratio of 24.42, a P/E/G ratio of 2.89 and a beta of 0.45. The company has a 50 day moving average of $89.32 and a 200-day moving average of $91.32. Southern Company has a twelve month low of $83.09 and a twelve month high of $100.83.

Southern (NYSE:SO) last posted its quarterly earnings results on Wednesday, February 18th. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.01). The company had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $6.41 billion. Southern had a net margin of 14.69% and a return on equity of 12.52%. Southern’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 EPS. As a group, analysts anticipate that Southern Company will post 4.29 earnings per share for the current fiscal year.

Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be issued a dividend of $0.74 per share. 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 currently 75.32%.

Analyst Upgrades and Downgrades

SO has been the topic of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Southern in a research report on Wednesday, January 21st. UBS Group dropped their target price on Southern from $98.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Mizuho set a $104.00 price target on Southern and gave the stock an “outperform” rating in a report on Friday, February 20th. Truist Financial set a $103.00 price objective on shares of Southern in a research note on Friday, February 20th. Finally, Morgan Stanley restated an “underweight” rating on shares of Southern in a research note on Friday, February 20th. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $97.64.

Southern 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.