Canandaigua National Bank & Trust Co. Makes New Investment in Southern Company (The) $SO

Key Points

• Canandaigua National Bank & Trust initiated a $3.55 million position in Southern Company during the second quarter, buying 37,115 shares. Institutional investors and hedge funds collectively own 64.1% of the company.
• Southern reported quarterly EPS of $1.13, beating the $1.01 consensus estimate, while revenue reached $6.98 billion and rose slightly year over year.
• The company declared a quarterly dividend of $0.76, equivalent to $3.04 annually and a 3.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $100.26.

Canandaigua National Bank & Trust Co. bought a new position in shares of Southern Company (The) (NYSE:SO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 37,115 shares of the utilities provider's stock, valued at approximately $3,552,000.

A number of other hedge funds have also modified their holdings of the business. Spirepoint Private Client LLC boosted its position in shares of Southern by 13.3% during the 4th quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider's stock valued at $8,513,000 after acquiring an additional 11,460 shares during the last quarter. Marble Wealth LLC acquired a new position in Southern in the 4th quarter valued at about $4,443,000. Wolverine Asset Management LLC purchased a new stake in shares of Southern in the 4th quarter valued at approximately $2,462,000. D.A. Davidson & CO. increased its holdings in shares of Southern by 20.5% during the 4th quarter. D.A. Davidson & CO. now owns 99,386 shares of the utilities provider's stock worth $8,667,000 after buying an additional 16,878 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Southern by 19.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 201,137 shares of the utilities provider's stock worth $17,539,000 after buying an additional 32,933 shares during the last quarter. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Southern Trading Up 0.6%

Shares of SO stock opened at $93.49 on Wednesday. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.59 and a current ratio of 0.79. The stock has a market capitalization of $107.54 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 1.79 and a beta of 0.34. The company has a 50 day moving average price of $94.55 and a 200 day moving average price of $94.12. Southern Company has a fifty-two week low of $83.80 and a fifty-two week high of $100.83.

Southern (NYSE:SO - Get Free Report) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.12. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm had revenue of $6.98 billion for the quarter, compared to the consensus estimate of $7.23 billion. During the same period in the prior year, the firm earned $0.79 EPS. The firm's revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts predict that Southern Company will post 4.58 EPS for the current fiscal year.

Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 17th will be issued a $0.76 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.04 dividend on an annualized basis and a yield of 3.3%. Southern's dividend payout ratio (DPR) is 72.90%.

Analyst Ratings Changes

A number of research analysts recently commented on SO shares. Barclays decreased their price objective on Southern from $99.00 to $98.00 and set an "equal weight" rating on the stock in a report on Thursday, June 18th. Weiss Ratings reissued a "buy (b)" rating on shares of Southern in a research note on Wednesday, July 29th. KeyCorp lowered Southern from a "sector weight" rating to an "underweight" rating and set a $79.00 price target on the stock. in a research note on Thursday, July 23rd. Mizuho set a $106.00 price target on Southern in a report on Friday. Finally, Citigroup reissued a "buy" rating on shares of Southern in a research report on Friday, April 10th. Seven research 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's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $100.26.

About Southern

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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