Cibc World Market Inc. Makes New $2.94 Million Investment in Southern Company (The) $SO

Key Points

• Cibc World Market Inc. acquired 30,673 shares of Southern Company in the second quarter, worth approximately $2.94 million. Institutional investors collectively own 64.10% of the utility’s stock.
• Analyst sentiment remains mixed, with seven Buy, eleven Hold and two Sell ratings, producing a consensus “Hold” rating and an average price target of $100.09.
• Southern reported quarterly EPS of $1.13, exceeding estimates of $1.01, while revenue reached $6.98 billion. The company also declared a quarterly dividend of $0.76 per share, representing a 3.4% annualized yield.

Cibc World Market Inc. bought a new position in Southern Company (The) (NYSE:SO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 30,673 shares of the utilities provider's stock, valued at approximately $2,936,000.

Other large investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in Southern in the 4th quarter valued at about $1,111,450,000. Capital World Investors boosted its stake in shares of Southern by 22.6% in the 4th quarter. Capital World Investors now owns 41,142,076 shares of the utilities provider's stock worth $3,587,589,000 after buying an additional 7,593,224 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Southern by 18.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,459,462 shares of the utilities provider's stock worth $3,004,866,000 after buying an additional 5,436,212 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Southern in the second quarter valued at approximately $264,829,000. Finally, Soroban Capital Partners LP grew its holdings in shares of Southern by 83.8% in the second quarter. Soroban Capital Partners LP now owns 4,097,422 shares of the utilities provider's stock valued at $376,266,000 after acquiring an additional 1,867,912 shares in the last quarter. 64.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on SO. Wall Street Zen cut Southern from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. BMO Capital Markets raised their target price on Southern from $102.00 to $104.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Raymond James Financial reiterated an "outperform" rating and set a $104.00 target price on shares of Southern in a research note on Friday, May 1st. JPMorgan Chase & Co. boosted their price target on shares of Southern from $101.00 to $104.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Southern in a research report on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $100.09.

Southern Price Performance

Southern stock opened at $89.88 on Thursday. Southern Company has a 12 month low of $83.80 and a 12 month high of $100.83. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 1.62. The business's 50 day simple moving average is $94.31 and its 200 day simple moving average is $94.43. The company has a market cap of $103.39 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 1.73 and a beta of 0.34.

Southern (NYSE:SO - Get Free Report) last released its earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.12. The business had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $7.23 billion. Southern had a return on equity of 12.93% and a net margin of 15.43%.The business's revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the business posted $0.79 earnings per share. Sell-side analysts forecast that Southern Company will post 4.59 EPS for the current year.

Southern Announces Dividend

The company also recently disclosed 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 of this dividend is Monday, August 17th. This represents a $3.04 annualized dividend and a yield of 3.4%. Southern's dividend payout ratio (DPR) is 72.90%.

Southern 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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