Freestone Grove Partners LP Takes Position in Southern Company (The) $SO

Key Points

• Freestone Grove Partners acquired 74,550 shares of Southern Company worth approximately $7.1 million during the second quarter. Institutional investors and hedge funds collectively own 64.1% of the company.
• Analysts have a consensus “Hold” rating on Southern, with an average price target of $100.09; ratings range from KeyCorp’s $79 “underweight” target to BMO Capital Markets’ $104 “outperform” target.
• Southern reported quarterly earnings of $1.13 per share, beating estimates of $1.01, and declared a quarterly dividend of $0.76 per share, representing a 3.4% yield and a 72.9% payout ratio.

Freestone Grove Partners LP acquired a new position in Southern Company (The) (NYSE:SO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 74,550 shares of the utilities provider's stock, valued at approximately $7,135,000.

Several other institutional investors have also modified their holdings of SO. Empowered Funds LLC boosted its position in shares of Southern by 17.5% during the 1st quarter. Empowered Funds LLC now owns 34,003 shares of the utilities provider's stock valued at $3,127,000 after purchasing an additional 5,067 shares in the last quarter. Schnieders Capital Management LLC. raised its holdings in shares of Southern by 0.7% in the 2nd quarter. Schnieders Capital Management LLC. now owns 59,217 shares of the utilities provider's stock worth $5,438,000 after purchasing an additional 393 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of Southern in the 2nd quarter worth approximately $655,000. Sei Investments Co. lifted its stake in Southern by 11.5% during the second quarter. Sei Investments Co. now owns 449,960 shares of the utilities provider's stock valued at $41,320,000 after purchasing an additional 46,504 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in Southern by 2.7% during the second quarter. Treasurer of the State of North Carolina now owns 514,736 shares of the utilities provider's stock valued at $47,268,000 after purchasing an additional 13,392 shares during the last quarter. Institutional investors and hedge funds own 64.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SO. BMO Capital Markets lifted their target price on Southern from $102.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Barclays decreased their price target on Southern from $99.00 to $98.00 and set an "equal weight" rating for the company in a research report on Thursday, June 18th. Mizuho set a $106.00 price target on Southern in a research note on Friday, July 31st. Jefferies Financial Group set a $99.00 price target on Southern in a research note on Monday, June 22nd. 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 analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Southern has an average rating of "Hold" and a consensus target price of $100.09.

Southern Price Performance

SO opened at $88.18 on Friday. The stock has a fifty day moving average of $94.12 and a 200-day moving average of $94.38. The firm has a market capitalization of $101.44 billion, a P/E ratio of 21.15, a PEG ratio of 1.71 and a beta of 0.34. Southern Company has a 12-month low of $83.80 and a 12-month high of $100.83. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62.

Southern (NYSE:SO - Get Free Report) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.12. The company had revenue of $6.98 billion for 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 firm's quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. Equities analysts forecast that Southern Company will post 4.59 EPS for the current fiscal year.

Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, August 17th. Southern's dividend payout ratio is currently 72.90%.

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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