California Public Employees Retirement System Sells 750,307 Shares of Southern Company (The) $SO

Key Points

• California Public Employees Retirement System trimmed its stake in Southern Company by 17.9%, selling 750,307 shares and leaving it with 3,447,036 shares worth about $326.7 million at quarter-end.
• Southern reported Q results of $0.55 EPS (missing estimates by $0.01) while revenue rose 10.1% year-over-year to $6.98 billion, topping consensus revenue expectations.
• The company pays a quarterly dividend of $0.74 (annualized $2.96, ~3.0% yield) with a payout ratio of 75.3%, and analysts hold a consensus rating of "Hold" with an average price target of $98.08.

California Public Employees Retirement System trimmed its position in Southern Company (The) (NYSE:SO - Free Report) by 17.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,447,036 shares of the utilities provider's stock after selling 750,307 shares during the quarter. California Public Employees Retirement System owned about 0.31% of Southern worth $326,676,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital World Investors boosted its position in shares of Southern by 320.3% in the third quarter. Capital World Investors now owns 33,548,852 shares of the utilities provider's stock worth $3,179,425,000 after purchasing an additional 25,567,431 shares during the period. Norges Bank bought a new stake in shares of Southern during the 2nd quarter valued at $1,179,715,000. Laurel Wealth Advisors LLC lifted its stake in shares of Southern by 9,099.6% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 4,421,331 shares of the utilities provider's stock valued at $406,011,000 after buying an additional 4,373,271 shares in the last quarter. Soroban Capital Partners LP lifted its stake in shares of Southern by 83.8% during the 2nd quarter. Soroban Capital Partners LP now owns 4,097,422 shares of the utilities provider's stock valued at $376,266,000 after buying an additional 1,867,912 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Southern by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 105,904,243 shares of the utilities provider's stock worth $9,725,187,000 after buying an additional 1,694,066 shares during the period. Institutional investors own 64.10% of the company's stock.

Southern Stock Up 0.2%

Shares of SO stock opened at $98.06 on Friday. The company's fifty day simple moving average is $91.79 and its two-hundred day simple moving average is $91.58. Southern Company has a 52 week low of $83.09 and a 52 week high of $100.83. The stock has a market cap of $107.97 billion, a P/E ratio of 24.95, a PEG ratio of 2.96 and a beta of 0.44. The company has a quick ratio of 0.47, a current ratio of 0.65 and a debt-to-equity ratio of 1.69.

Southern (NYSE:SO - Get Free Report) last issued its 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 firm had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $6.41 billion. Southern had a return on equity of 12.52% and a net margin of 14.69%.The company's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. Analysts predict that Southern Company will post 4.29 EPS for the current fiscal year.

Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th were paid a $0.74 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $2.96 dividend on an annualized basis and a yield of 3.0%. Southern's payout ratio is presently 75.32%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Morgan Stanley reissued an "underweight" rating on shares of Southern in a report on Friday, February 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Southern in a research note on Wednesday, January 21st. TD Cowen increased their target price on Southern from $108.00 to $112.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Scotiabank lifted their target price on Southern from $101.00 to $103.00 and gave the company a "sector perform" rating in a research note on Friday, February 20th. Finally, Truist Financial set a $103.00 price target on Southern in a report on Friday, February 20th. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $98.08.

Southern Company 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.

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