Harbour Investments Inc. Acquires 56,443 Shares of Southern Company (The) $SO

Key Points

• Harbour Investments Inc. increased its Southern Company stake by 224.8% in the fourth quarter, buying 56,443 additional shares and bringing its total to 81,549 shares worth about $7.11 million.
• Southern reported strong quarterly results, with EPS of $1.32 beating estimates and revenue of $8.40 billion also topping expectations. Revenue rose 8.0% year over year, and analysts now expect full-year EPS of 4.57.
• The utility raised its quarterly dividend to $0.76 per share from $0.74, implying an annualized dividend of $3.04 and a yield of about 3.2%. At the same time, analysts currently rate the stock a consensus Hold with an average price target of $99.56.

Harbour Investments Inc. boosted its holdings in Southern Company (The) (NYSE:SO - Free Report) by 224.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,549 shares of the utilities provider's stock after purchasing an additional 56,443 shares during the period. Harbour Investments Inc.'s holdings in Southern were worth $7,111,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Strive Asset Management LLC purchased a new position in shares of Southern in the third quarter worth $37,000. Donaldson Capital Management LLC boosted its position in Southern by 2,785.8% during the 3rd quarter. Donaldson Capital Management LLC now owns 563,027 shares of the utilities provider's stock valued at $53,358,000 after buying an additional 543,517 shares during the period. Spirepoint Private Client LLC boosted its position in Southern by 13.3% during the 4th quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider's stock valued at $8,513,000 after buying an additional 11,460 shares during the period. National Pension Service grew its holdings in Southern by 1.8% in the 3rd quarter. National Pension Service now owns 2,753,676 shares of the utilities provider's stock worth $260,966,000 after acquiring an additional 47,451 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Southern by 64.1% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 71,506 shares of the utilities provider's stock valued at $6,777,000 after acquiring an additional 27,920 shares during the period. 64.10% of the stock is currently owned by hedge funds and other institutional investors.

Southern Trading Down 0.4%

Shares of SO opened at $94.20 on Wednesday. Southern Company has a 1-year low of $83.80 and a 1-year high of $100.83. The company has a current ratio of 0.65, a quick ratio of 0.45 and a debt-to-equity ratio of 1.68. The firm's 50-day moving average price is $94.92 and its 200-day moving average price is $91.81. The firm has a market capitalization of $106.19 billion, a price-to-earnings ratio of 23.97, a PEG ratio of 2.86 and a beta of 0.36.

Southern (NYSE:SO - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $8.07 billion. During the same period in the prior year, the firm earned $1.23 earnings per share. Southern's revenue was up 8.0% on a year-over-year basis. Sell-side analysts anticipate that Southern Company will post 4.57 EPS for the current year.

Southern Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, May 18th. This represents a $3.04 annualized dividend and a dividend yield of 3.2%. This is an increase from Southern's previous quarterly dividend of $0.74. Southern's dividend payout ratio is currently 77.35%.

Analyst Ratings Changes

SO has been the subject of several recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $104.00 price objective on shares of Southern in a research note on Friday, May 1st. Weiss Ratings upgraded Southern from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Scotiabank upped their price target on Southern from $101.00 to $103.00 and gave the company a "sector perform" rating in a research report on Friday, February 20th. Morgan Stanley reiterated an "underweight" rating and issued a $87.00 price objective on shares of Southern in a report on Thursday, May 21st. Finally, TD Cowen lifted their price objective on Southern from $108.00 to $112.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $99.56.

Insider Buying and Selling

In related news, CEO Kimberly S. Greene sold 25,000 shares of the company's stock in a transaction on Monday, March 30th. The stock was sold at an average price of $96.67, for a total value of $2,416,750.00. Following the sale, the chief executive officer directly owned 103,602 shares of the company's stock, valued at $10,015,205.34. This represents a 19.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher Cummiskey sold 6,669 shares of the firm's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $96.55, for a total value of $643,891.95. Following the transaction, the executive vice president directly owned 30,800 shares of the company's stock, valued at $2,973,740. This represents a 17.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% of the company's stock.

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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