Benjamin Edwards Inc. Sells 5,754 Shares of Southern Company (The) (NYSE:SO)

Key Points

• Benjamin Edwards Inc. reduced its shareholding in Southern Company by 3.7%, ending the first quarter with 150,432 shares valued at approximately $13.83 million.
• Southern Company reported Q2 earnings of $0.91 EPS, missing estimates by $0.08, while revenue reached $6.97 billion, exceeding expectations.
• The firm announced a quarterly dividend of $0.74 per share, with a dividend yield of 3.1%, to be paid on September 8th.

Benjamin Edwards Inc. lessened its holdings in Southern Company (The) (NYSE:SO - Free Report) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,432 shares of the utilities provider's stock after selling 5,754 shares during the quarter. Benjamin Edwards Inc.'s holdings in Southern were worth $13,832,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SO. Investors Research Corp increased its position in Southern by 400.0% during the 1st quarter. Investors Research Corp now owns 270 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 216 shares during the period. Cheviot Value Management LLC acquired a new stake in shares of Southern during the 1st quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new stake in shares of Southern during the 1st quarter worth approximately $33,000. Rossby Financial LCC acquired a new stake in shares of Southern during the 1st quarter worth approximately $39,000. Finally, Elequin Capital LP grew its position in shares of Southern by 60.6% during the 4th quarter. Elequin Capital LP now owns 498 shares of the utilities provider's stock worth $41,000 after buying an additional 188 shares during the period. Institutional investors own 64.10% of the company's stock.

Analyst Ratings Changes

SO has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Southern from $95.00 to $99.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Mizuho raised their price objective on shares of Southern from $93.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Morgan Stanley reduced their price objective on shares of Southern from $91.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, June 18th. Evercore ISI raised their price objective on shares of Southern from $90.00 to $94.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Finally, Guggenheim reiterated a "neutral" rating and issued a $93.00 target price on shares of Southern in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Southern currently has a consensus rating of "Hold" and an average price target of $94.29.

Insider Activity at Southern

In other news, CEO Kimberly S. Greene sold 13,158 shares of Southern stock in a transaction on Monday, July 21st. The stock was sold at an average price of $95.00, for a total transaction of $1,250,010.00. Following the sale, the chief executive officer directly owned 93,661 shares in the company, valued at $8,897,795. The trade was a 12.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by insiders.

Southern Stock Up 0.9%

NYSE:SO traded up $0.84 during trading hours on Wednesday, hitting $94.80. 5,477,988 shares of the company traded hands, compared to its average volume of 5,203,186. The company has a quick ratio of 0.54, a current ratio of 0.74 and a debt-to-equity ratio of 1.69. The firm's 50-day simple moving average is $92.13 and its 200-day simple moving average is $90.01. Southern Company has a one year low of $80.46 and a one year high of $96.44. The company has a market cap of $104.28 billion, a PE ratio of 24.37, a PEG ratio of 3.27 and a beta of 0.38.

Southern (NYSE:SO - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.08). Southern had a net margin of 15.10% and a return on equity of 12.09%. The company had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.70 billion. During the same quarter last year, the business posted $1.10 earnings per share. Southern's revenue was up 7.9% on a year-over-year basis. Equities analysts predict that Southern Company will post 4.29 earnings per share for the current year.

Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 18th will be paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, August 18th. Southern's payout ratio is presently 76.09%.

About Southern

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. 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.