Flputnam Investment Management Co. Makes New Investment in Southern Company (The) $SO

Key Points

• Flputnam Investment Management initiated a position in Southern Company during the second quarter, buying 15,207 shares valued at approximately $1.46 million. Institutional investors and hedge funds collectively own 64.1% of the stock.
• Southern reported quarterly EPS of $1.13, beating analysts’ $1.01 estimate, while revenue totaled $6.98 billion. The company’s shares opened at $92.42, compared with a consensus analyst price target of $100.09 and an overall “Hold” rating.
• Southern declared a quarterly dividend of $0.76 per share, equivalent to $3.04 annually and a 3.3% yield, with a payout ratio of 72.9%.

Flputnam Investment Management Co. acquired 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 Securities and Exchange Commission (SEC). The institutional investor acquired 15,207 shares of the utilities provider's stock, valued at approximately $1,455,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SO. Vanguard Group Inc. boosted its holdings in shares of Southern by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 108,057,413 shares of the utilities provider's stock worth $9,422,606,000 after purchasing an additional 1,643,090 shares during the last quarter. Capital World Investors lifted its position in Southern by 22.6% during the fourth 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 period. Price T Rowe Associates Inc. MD lifted its position in Southern by 18.7% during the fourth 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 period. Geode Capital Management LLC boosted its stake in Southern by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 27,259,125 shares of the utilities provider's stock worth $2,381,344,000 after buying an additional 384,860 shares during the last quarter. Finally, Norges Bank acquired a new stake in Southern in the 4th quarter worth about $1,111,450,000. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Southern Price Performance

SO opened at $92.42 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62. The company's 50-day moving average price is $94.71 and its 200 day moving average price is $94.37. Southern Company has a fifty-two week low of $83.80 and a fifty-two week high of $100.83. The firm has a market cap of $106.32 billion, a price-to-earnings ratio of 22.16, a price-to-earnings-growth ratio of 1.78 and a beta of 0.34.

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

Southern Announces Dividend

The company 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 dividend of $0.76 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.04 annualized dividend and a yield of 3.3%. Southern's payout ratio is presently 72.90%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SO. BMO Capital Markets raised their target price on shares of Southern from $102.00 to $104.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Barclays dropped their price target on shares of Southern from $99.00 to $98.00 and set an "equal weight" rating for the company in a research report on Thursday, June 18th. Truist Financial cut their price target on shares of Southern from $100.00 to $97.00 and set a "hold" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on shares of Southern from $101.00 to $104.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Finally, KeyCorp downgraded Southern from a "sector weight" rating to an "underweight" rating and set a $79.00 price objective on the stock. in a report on Thursday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $100.09.

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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