First Fiduciary Investment Counsel Inc. Buys 37,247 Shares of Southern Company (The) $SO

Key Points

• First Fiduciary Investment Counsel increased its Southern Company stake by 39.9%, purchasing 37,247 additional shares to reach 130,614 shares valued at approximately $10.8 million.
• Institutional investors own 64.1% of Southern’s outstanding stock, with several major firms—including Bank of America, UBS and the Swiss National Bank—also raising their positions.
• Southern reported quarterly EPS of $1.13, above the $1.01 estimate, and declared a $0.76 quarterly dividend, representing a 3.3% yield. Analysts maintain a consensus “Hold” rating with a $98.24 price target.

First Fiduciary Investment Counsel Inc. grew its stake in shares of Southern Company (The) (NYSE:SO - Free Report) by 39.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,614 shares of the utilities provider's stock after purchasing an additional 37,247 shares during the quarter. Southern makes up about 2.1% of First Fiduciary Investment Counsel Inc.'s holdings, making the stock its 22nd biggest position. First Fiduciary Investment Counsel Inc.'s holdings in Southern were worth $10,827,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of Southern by 4.9% in the 1st quarter. Bank of America Corp DE now owns 8,380,592 shares of the utilities provider's stock valued at $808,895,000 after buying an additional 392,210 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Southern in the 2nd quarter valued at $737,256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Southern by 9.8% during 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 worth $543,793,000 after acquiring an additional 508,149 shares in the last quarter. Swiss National Bank raised its stake in Southern by 7.2% during the 1st quarter. Swiss National Bank now owns 3,231,400 shares of the utilities provider's stock worth $311,895,000 after acquiring an additional 216,900 shares in the last quarter. Finally, National Pension Service lifted its position in Southern by 1.9% in the second quarter. National Pension Service now owns 2,932,978 shares of the utilities provider's stock valued at $280,715,000 after acquiring an additional 54,111 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company's stock.

Southern Stock Performance

Shares of SO opened at $91.48 on Thursday. 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 firm has a market cap of $105.24 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 2.44 and a beta of 0.31. The company's 50 day simple moving average is $87.72 and its 200-day simple moving average is $92.29. Southern Company has a 12-month low of $81.69 and a 12-month high of $99.58.

Southern (NYSE:SO - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $7.23 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. Southern's revenue for the quarter was up .1% on a year-over-year basis. As a group, equities analysts predict that Southern Company will post 4.59 EPS for the current year.

Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 7th. Shareholders of record on Monday, November 16th will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, November 16th. Southern's dividend payout ratio (DPR) is presently 72.90%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. DA Davidson set a $98.00 price objective on shares of Southern in a research note on Wednesday, October 21st. HSBC started coverage on Southern in a report on Thursday, October 22nd. They set a "buy" rating and a $99.50 price objective on the stock. BMO Capital Markets reiterated an "outperform" rating on shares of Southern in a research report on Wednesday, October 21st. Wall Street Zen raised Southern from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Finally, Mizuho set a $106.00 target price on Southern in a research report on Friday, July 31st. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $98.24.

Southern 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.

Want to see what other hedge funds are holding SO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Company (The) (NYSE:SO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.