Associated Banc Corp Purchases New Position in Southern Company (The) $SO

Key Points

• Associated Banc Corp opened a new position in Southern Company, buying 103,046 shares worth approximately $8.54 million in the third quarter. Institutional investors and hedge funds collectively own 64.1% of the stock.
• Analyst sentiment is mixed, with a consensus Hold rating and an average price target of $97. Recent target cuts included Bank of America’s reduction to $92 and KeyCorp’s reduction to $74.
• Southern declared a quarterly dividend of $0.76 per share, equivalent to $3.04 annually and a 3.2% yield; the payout ratio is 72.9%.

Associated Banc Corp acquired a new stake in shares of Southern Company (The) (NYSE:SO - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 103,046 shares of the utilities provider's stock, valued at approximately $8,541,000.

A number of other institutional investors have also recently added to or reduced their stakes in SO. Bank of America Corp DE boosted its stake in shares of Southern by 4.9% during the 1st quarter. Bank of America Corp DE now owns 8,380,592 shares of the utilities provider's stock worth $808,895,000 after acquiring an additional 392,210 shares in the last quarter. Legal & General Group Plc bought a new position in shares of Southern in the 2nd quarter valued at approximately $737,256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Southern by 9.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,681,674 shares of the utilities provider's stock valued at $543,793,000 after acquiring an additional 508,149 shares in the last quarter. Swiss National Bank raised its stake in shares of Southern by 7.2% in the 1st quarter. Swiss National Bank now owns 3,231,400 shares of the utilities provider's stock valued at $311,895,000 after acquiring an additional 216,900 shares in the last quarter. Finally, National Pension Service lifted its holdings in Southern by 1.9% in the 2nd quarter. National Pension Service now owns 2,932,978 shares of the utilities provider's stock worth $280,715,000 after purchasing an additional 54,111 shares during the last quarter. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SO shares. Bank of America lowered their price target on Southern from $100.00 to $92.00 and set a "neutral" rating on the stock in a report on Tuesday, October 13th. LADENBURG THALM/SH SH reduced their price objective on shares of Southern from $96.50 to $85.50 and set a "neutral" rating for the company in a research note on Monday, September 28th. Mizuho set a $106.00 price objective on shares of Southern and gave the stock an "outperform" rating in a report on Friday, July 31st. KeyCorp lowered their target price on shares of Southern from $79.00 to $74.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 13th. Finally, Wall Street Zen upgraded shares of Southern from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $97.00.

Southern Price Performance

NYSE SO opened at $93.72 on Wednesday. The stock has a 50-day simple moving average of $87.96 and a 200 day simple moving average of $92.42. Southern Company has a twelve month low of $81.69 and a twelve month high of $99.58. The stock has a market capitalization of $107.82 billion, a PE ratio of 20.57, a P/E/G ratio of 2.49 and a beta of 0.30. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.59 and a current ratio of 0.79.

Southern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 7th. Shareholders of record on Monday, November 16th will be paid a dividend of $0.76 per share. The ex-dividend date is Monday, November 16th. This represents a $3.04 dividend on an annualized basis and a yield of 3.2%. Southern's payout ratio is currently 72.90%.

Southern Company Profile

Southern Company NYSE: SO is an energy holding company headquartered in Atlanta, Georgia. Through its subsidiaries, the company generates, transmits, distributes and sells electricity, while also providing natural gas distribution and related energy services.

Southern's electric utility operations include Alabama Power, Georgia Power and Mississippi Power, which serve customers across Alabama, Georgia and Mississippi. The company's generation portfolio includes nuclear, natural gas, coal, hydroelectric and renewable energy resources.

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