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

Key Points

• Glenview Trust Co cut its Southern Company stake by 44.6% in the first quarter, selling 31,205 shares and leaving it with 38,800 shares worth about $3.75 million.
• Southern reported stronger-than-expected quarterly results, posting EPS of $1.32 versus the $1.21 estimate and revenue of $8.40 billion, up 8% year over year.
• The company announced a quarterly dividend of $0.76 per share, which annualizes to $3.04 and implies a 3.2% yield; the ex-dividend date is August 17.

Glenview Trust Co lowered its stake in Southern Company (The) (NYSE:SO - Free Report) by 44.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,800 shares of the utilities provider's stock after selling 31,205 shares during the quarter. Glenview Trust Co's holdings in Southern were worth $3,745,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Spirepoint Private Client LLC increased its stake in Southern by 13.3% in the fourth quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider's stock valued at $8,513,000 after purchasing an additional 11,460 shares during the last quarter. Marble Wealth LLC acquired a new stake in Southern in the 4th quarter worth about $4,443,000. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its holdings in Southern by 243.3% in the 4th quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 20,816 shares of the utilities provider's stock valued at $1,815,000 after buying an additional 14,753 shares during the period. Bell Bank grew its holdings in Southern by 20.5% in the 4th quarter. Bell Bank now owns 127,901 shares of the utilities provider's stock valued at $11,153,000 after buying an additional 21,751 shares during the period. Finally, Wolverine Asset Management LLC acquired a new position in shares of Southern during the 4th quarter valued at about $2,462,000. Hedge funds and other institutional investors own 64.10% of the company's stock.

Southern Trading Down 0.7%

NYSE SO opened at $93.83 on Wednesday. The stock has a market cap of $105.77 billion, a P/E ratio of 23.87, a PEG ratio of 2.85 and a beta of 0.34. The company's fifty day simple moving average is $94.23 and its 200-day simple moving average is $93.54. 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 52 week low of $83.80 and a 52 week high of $100.83.

Southern (NYSE:SO - Get Free Report) last released its earnings results on Wednesday, April 29th. The utilities provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.21 by $0.11. Southern had a return on equity of 12.64% and a net margin of 14.46%.The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.07 billion. During the same period in the prior year, the business posted $1.23 EPS. The business's revenue was up 8.0% on a year-over-year basis. Equities research analysts predict that Southern Company will post 4.58 EPS for the current fiscal year.

Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, August 17th. Southern's payout ratio is currently 77.35%.

Analysts Set New Price Targets

SO has been the subject of a number of recent analyst reports. Morgan Stanley restated an "underweight" rating and issued a $89.00 target price on shares of Southern in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Southern from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Truist Financial lowered their price objective on shares of Southern from $103.00 to $100.00 and set a "hold" rating for the company in a research note on Friday, May 29th. Raymond James Financial restated an "outperform" rating and set a $104.00 price objective on shares of Southern in a report on Friday, May 1st. Finally, Seaport Research Partners lowered Southern from a "buy" rating to a "neutral" rating in a research report on Monday, April 20th. 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's stock. According to data from MarketBeat.com, Southern presently has an average rating of "Hold" and an average price target of $99.78.

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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