Glenview Trust Co Decreases Holdings in Southern Company (The) $SO

Key Points

• Glenview Trust Co cut its Southern Company stake by 50% in the fourth quarter, selling 70,085 shares and leaving it with 70,005 shares valued at about $6.1 million.
• Southern insiders also sold stock, including CEO Kimberly S. Greene and EVP Christopher Cummiskey, while insiders now hold only 0.16% of the company.
• The company posted solid quarterly results and raised its dividend, beating EPS estimates and increasing the quarterly payout to $0.76 per share, or $3.04 annually, for a 3.2% yield.

Glenview Trust Co lessened its stake in shares of Southern Company (The) (NYSE:SO - Free Report) by 50.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,005 shares of the utilities provider's stock after selling 70,085 shares during the period. Glenview Trust Co's holdings in Southern were worth $6,104,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Strive Asset Management LLC purchased a new position in shares of Southern in the third quarter worth about $37,000. Donaldson Capital Management LLC increased its stake in shares of Southern by 2,785.8% in the third quarter. Donaldson Capital Management LLC now owns 563,027 shares of the utilities provider's stock worth $53,358,000 after purchasing an additional 543,517 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Southern in the third quarter worth about $4,852,000. Spirepoint Private Client LLC increased its stake in shares of Southern by 13.3% in the fourth quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider's stock worth $8,513,000 after purchasing an additional 11,460 shares in the last quarter. Finally, National Pension Service increased its stake in shares of Southern by 1.8% in the third quarter. National Pension Service now owns 2,753,676 shares of the utilities provider's stock worth $260,966,000 after purchasing an additional 47,451 shares in the last quarter. Hedge funds and other institutional investors own 64.10% of the company's stock.

Insider Buying and Selling

In other Southern news, CEO Kimberly S. Greene sold 25,000 shares of Southern stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $96.67, for a total transaction of $2,416,750.00. Following the completion of the sale, the chief executive officer directly owned 103,602 shares in the company, valued at $10,015,205.34. The trade was a 19.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christopher Cummiskey sold 6,669 shares of Southern stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $96.55, for a total transaction of $643,891.95. Following the sale, the executive vice president owned 30,800 shares of the company's stock, valued at approximately $2,973,740. The trade was a 17.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SO shares. Truist Financial started coverage on shares of Southern in a research note on Tuesday, April 21st. They issued a "hold" rating and a $103.00 target price for the company. TD Cowen lifted their target price on shares of Southern from $108.00 to $112.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. Citigroup reiterated a "buy" rating on shares of Southern in a research note on Friday, April 10th. Weiss Ratings upgraded shares of Southern from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Finally, Morgan Stanley restated an "underweight" rating and issued a $87.00 price objective on shares of Southern in a research report on Thursday. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $99.56.

Southern Price Performance

SO stock opened at $94.67 on Tuesday. The firm has a 50 day moving average of $95.00 and a 200-day moving average of $91.79. The company has a current ratio of 0.65, a quick ratio of 0.45 and a debt-to-equity ratio of 1.68. Southern Company has a 12 month low of $83.80 and a 12 month high of $100.83. The firm has a market capitalization of $106.72 billion, a P/E ratio of 24.09, a price-to-earnings-growth ratio of 2.86 and a beta of 0.36.

Southern (NYSE:SO - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.21 by $0.11. Southern had a net margin of 14.46% and a return on equity of 12.64%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.07 billion. During the same period last year, the business earned $1.23 earnings per share. Southern's revenue was up 8.0% compared to the same quarter last year. As a group, sell-side analysts predict that Southern Company will post 4.57 earnings per share for the current fiscal year.

Southern Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Monday, May 18th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Southern's previous quarterly dividend of $0.74. The ex-dividend date is Monday, May 18th. Southern's dividend payout ratio (DPR) is 77.35%.

About Southern

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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