Mission Wealth Management LP boosted its stake in The Southern Company (NYSE:SO – Get Rating) by 9.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,430 shares of the utilities provider’s stock after buying an additional 379 shares during the quarter. Mission Wealth Management LP’s holdings in Southern were worth $308,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Prudential PLC raised its holdings in Southern by 23.4% in the 1st quarter. Prudential PLC now owns 19,438 shares of the utilities provider’s stock valued at $1,409,000 after acquiring an additional 3,689 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in Southern by 33.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,727 shares of the utilities provider’s stock valued at $126,000 after acquiring an additional 433 shares during the last quarter. Covestor Ltd raised its holdings in Southern by 63.0% in the 1st quarter. Covestor Ltd now owns 1,902 shares of the utilities provider’s stock valued at $138,000 after acquiring an additional 735 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Southern by 0.4% in the 1st quarter. NewEdge Advisors LLC now owns 49,925 shares of the utilities provider’s stock valued at $3,621,000 after acquiring an additional 221 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Southern by 35.8% in the 1st quarter. Mackenzie Financial Corp now owns 907,132 shares of the utilities provider’s stock valued at $65,776,000 after acquiring an additional 239,325 shares during the last quarter. 63.25% of the stock is owned by hedge funds and other institutional investors.
Southern Stock Performance
Shares of SO stock opened at $71.64 on Thursday. The company has a quick ratio of 0.51, a current ratio of 0.69 and a debt-to-equity ratio of 1.51. The Southern Company has a 52 week low of $58.85 and a 52 week high of $80.57. The stock has a market capitalization of $78.12 billion, a PE ratio of 23.11, a P/E/G ratio of 4.98 and a beta of 0.51. The firm has a 50 day moving average of $71.91 and a two-hundred day moving average of $69.61.
Southern Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 6th. Stockholders of record on Monday, May 15th were given a dividend of $0.70 per share. This is a boost from Southern’s previous quarterly dividend of $0.68. This represents a $2.80 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, May 12th. Southern’s payout ratio is 90.32%.
Analyst Upgrades and Downgrades
A number of research firms have commented on SO. StockNews.com upgraded shares of Southern from a “sell” rating to a “hold” rating in a report on Wednesday, May 17th. JPMorgan Chase & Co. cut their price target on shares of Southern from $73.00 to $69.00 in a report on Thursday, June 8th. Guggenheim raised their price target on shares of Southern from $73.00 to $79.00 in a report on Monday, April 24th. Mizuho cut their price target on shares of Southern from $77.00 to $76.00 in a report on Tuesday, May 16th. Finally, 1-800-FLOWERS.COM restated a “maintains” rating on shares of Southern in a report on Friday, April 28th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Southern presently has an average rating of “Hold” and a consensus price target of $74.07.
Insider Transactions at Southern
In related news, CEO Thomas A. Fanning sold 50,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $75.16, for a total value of $3,758,000.00. Following the completion of the sale, the chief executive officer now directly owns 847,592 shares of the company’s stock, valued at $63,705,014.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Thomas A. Fanning sold 50,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $75.16, for a total value of $3,758,000.00. Following the completion of the sale, the chief executive officer now directly owns 847,592 shares of the company’s stock, valued at $63,705,014.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Bryan D. Anderson sold 9,491 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $75.03, for a total transaction of $712,109.73. Following the completion of the sale, the executive vice president now directly owns 36,119 shares of the company’s stock, valued at $2,710,008.57. The disclosure for this sale can be found here. In the last three months, insiders sold 205,678 shares of company stock valued at $14,888,271. Insiders own 0.37% of the company’s stock.
Southern Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates through three segments: Gas Distribution Operations, Gas Pipeline Investments, and Gas Marketing Services. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.
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