Glenview Trust Co Buys Shares of 34,739 Southern Company (The) $SO

Key Points

• Glenview Trust Co. purchased 34,739 shares of Southern Company during the second quarter, valued at approximately $3.3 million. Institutional investors collectively own 64.1% of the utility’s stock.
• Southern reported quarterly earnings of $1.13 per share, beating estimates of $1.01, while revenue totaled $6.98 billion. Analysts expect full-year earnings of approximately $4.59 per share.
• The company declared a quarterly dividend of $0.76 per share, equating to an annualized $3.04 dividend and a 3.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $100.09.

Glenview Trust Co bought a new position in Southern Company (The) (NYSE:SO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,739 shares of the utilities provider's stock, valued at approximately $3,325,000.

A number of other large investors have also made changes to their positions in the company. Evergreen Advisors LLC bought a new position in shares of Southern in the 1st quarter worth approximately $25,000. Scarborough Advisors LLC purchased a new position in shares of Southern in the first quarter worth approximately $25,000. Ankerstar Wealth LLC bought a new stake in Southern during the fourth quarter valued at approximately $25,000. Triumph Capital Management bought a new stake in Southern during the third quarter valued at approximately $29,000. Finally, Cornerstone Financial Management LLC purchased a new stake in Southern during the fourth quarter valued at approximately $27,000. 64.10% of the stock is currently owned by institutional investors.

Southern Price Performance

NYSE SO opened at $88.94 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 1.62. Southern Company has a 12 month low of $83.80 and a 12 month high of $100.83. The stock has a market cap of $102.32 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 1.72 and a beta of 0.34. The company's 50 day moving average is $94.22 and its two-hundred day moving average is $94.42.

Southern (NYSE:SO - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share 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 analyst estimates of $7.23 billion. Southern had a net margin of 15.43% and a return on equity of 12.93%. The company's revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 earnings per share. As a group, research analysts anticipate that Southern Company will post 4.59 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 $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 is currently 72.90%.

Analysts Set New Price Targets

SO has been the topic of several recent research reports. Truist Financial decreased their price target on shares of Southern from $100.00 to $97.00 and set a "hold" rating on the stock in a research report on Thursday, August 13th. Raymond James Financial reissued an "outperform" rating and set a $104.00 price objective on shares of Southern in a research report on Friday, May 1st. KeyCorp lowered Southern from a "sector weight" rating to an "underweight" rating and set a $79.00 price objective for the company. in a research note on Thursday, July 23rd. Barclays decreased their target price on Southern from $99.00 to $98.00 and set an "equal weight" rating on the stock in a report on Thursday, June 18th. Finally, BMO Capital Markets lifted 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. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Southern currently has an average rating of "Hold" and an average target price 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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