CIBC Asset Management Inc grew its holdings in shares of Southern Company (The) (NYSE:SO) by 2.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,571 shares of the utilities provider’s stock after acquiring an additional 4,448 shares during the quarter. CIBC Asset Management Inc’s holdings in Southern were worth $7,743,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Southern by 3.3% during the second quarter. Vanguard Group Inc. now owns 71,053,604 shares of the utilities provider’s stock worth $3,402,047,000 after acquiring an additional 2,295,466 shares in the last quarter. BlackRock Inc. increased its stake in shares of Southern by 2,961.9% in the first quarter. BlackRock Inc. now owns 62,067,822 shares of the utilities provider’s stock worth $3,089,736,000 after buying an additional 60,040,696 shares during the period. State Street Corp increased its stake in shares of Southern by 1.1% in the first quarter. State Street Corp now owns 48,900,251 shares of the utilities provider’s stock worth $2,434,244,000 after buying an additional 515,397 shares during the period. Franklin Resources Inc. increased its stake in shares of Southern by 3.6% in the second quarter. Franklin Resources Inc. now owns 22,379,839 shares of the utilities provider’s stock worth $1,071,547,000 after buying an additional 770,413 shares during the period. Finally, Capital Research Global Investors increased its stake in shares of Southern by 25.3% in the second quarter. Capital Research Global Investors now owns 14,940,226 shares of the utilities provider’s stock worth $715,338,000 after buying an additional 3,015,226 shares during the period. 53.78% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Christopher C. Womack sold 46,641 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $53.00, for a total transaction of $2,471,973.00. Following the sale, the executive vice president now owns 56,799 shares in the company, valued at approximately $3,010,347. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William P. Bowers sold 85,151 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $50.00, for a total transaction of $4,257,550.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 213,813 shares of company stock worth $11,029,988. 0.74% of the stock is currently owned by company insiders.
Several research analysts recently commented on the stock. BidaskClub downgraded shares of Southern from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. J P Morgan Chase & Co assumed coverage on shares of Southern in a research note on Tuesday, August 8th. They issued an “overweight” rating and a $16.78 target price on the stock. Royal Bank Of Canada raised shares of Southern from a “sector perform” rating to an “outperform” rating and set a $53.00 target price on the stock in a research note on Friday, September 29th. Morgan Stanley set a $50.00 target price on shares of Southern and gave the stock a “sell” rating in a research note on Thursday, August 10th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $56.00 target price (up from $55.00) on shares of Southern in a research note on Tuesday, September 12th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $49.72.
Southern Company (SO) traded up $0.24 during trading hours on Wednesday, reaching $50.60. 1,530,000 shares of the company traded hands, compared to its average volume of 4,240,000. The company has a market capitalization of $50,780.00, a PE ratio of 18.30, a P/E/G ratio of 4.54 and a beta of 0.13. Southern Company has a twelve month low of $46.58 and a twelve month high of $53.51. The company has a current ratio of 0.73, a quick ratio of 0.57 and a debt-to-equity ratio of 1.73.
Southern (NYSE:SO) last released its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $6.16 billion. Southern had a net margin of 2.59% and a return on equity of 10.81%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.27 earnings per share. analysts predict that Southern Company will post 2.95 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 6th. Investors of record on Monday, November 20th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 4.58%. The ex-dividend date is Friday, November 17th. Southern’s dividend payout ratio (DPR) is currently 414.29%.
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The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional electric operating companies and the parent entities of Southern Power Company (Southern Power) and Southern Company Gas, and owns other direct and indirect subsidiaries. The Company’s segments include Gas distribution operations, Gas marketing services, Wholesale gas services, Gas midstream operations and All other.
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