iA Global Asset Management Inc. Sells 24,378 Shares of Southern Company (The) $SO

Key Points

• iA Global Asset Management cut its Southern Company stake by 11.5% in the fourth quarter, selling 24,378 shares and leaving it with 186,800 shares valued at about $16.3 million.
• Southern reported strong quarterly results, with EPS of $1.32 beating estimates of $1.21 and revenue of $8.40 billion topping expectations; revenue also rose 8% year over year.
• 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 3.3%.

iA Global Asset Management Inc. decreased its holdings in shares of Southern Company (The) (NYSE:SO - Free Report) by 11.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 186,800 shares of the utilities provider's stock after selling 24,378 shares during the quarter. iA Global Asset Management Inc.'s holdings in Southern were worth $16,289,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Southern by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 108,057,413 shares of the utilities provider's stock valued at $9,422,606,000 after purchasing an additional 1,643,090 shares during the period. Capital World Investors boosted its stake in Southern by 320.3% during the 3rd quarter. Capital World Investors now owns 33,548,852 shares of the utilities provider's stock valued at $3,179,425,000 after purchasing an additional 25,567,431 shares during the period. Legal & General Group Plc boosted its stake in Southern by 3.5% during the 3rd quarter. Legal & General Group Plc now owns 8,532,530 shares of the utilities provider's stock valued at $808,628,000 after purchasing an additional 285,546 shares during the period. Pictet Asset Management Holding SA boosted its stake in Southern by 6.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 4,265,347 shares of the utilities provider's stock valued at $371,938,000 after purchasing an additional 255,230 shares during the period. Finally, Soroban Capital Partners LP boosted its stake in Southern by 83.8% during the 2nd quarter. Soroban Capital Partners LP now owns 4,097,422 shares of the utilities provider's stock valued at $376,266,000 after purchasing an additional 1,867,912 shares during the period. Institutional investors own 64.10% of the company's stock.

Insiders Place Their Bets

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

Southern Trading Down 1.2%

Shares of SO opened at $92.56 on Friday. 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 stock has a 50 day simple moving average of $95.34 and a 200-day simple moving average of $91.80. The stock has a market cap of $104.35 billion, a PE ratio of 23.55, a PEG ratio of 2.80 and a beta of 0.36.

Southern (NYSE:SO - Get Free Report) last issued its 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 return on equity of 12.64% and a net margin of 14.46%.The business 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 firm posted $1.23 EPS. Southern's quarterly revenue was up 8.0% compared to the same quarter last year. On average, sell-side analysts predict that Southern Company will post 4.57 EPS for the current fiscal year.

Southern Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, May 18th will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Monday, May 18th. This represents a $3.04 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Southern's previous quarterly dividend of $0.74. Southern's payout ratio is 75.32%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SO shares. Wells Fargo & Company set a $96.00 target price on Southern and gave the company an "equal weight" rating in a research note on Friday, February 20th. Citigroup restated a "buy" rating on shares of Southern in a research note on Friday, April 10th. Jefferies Financial Group restated a "hold" rating and set a $102.00 target price on shares of Southern in a research note on Monday, February 23rd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $105.00 price objective on shares of Southern in a research report on Friday, January 23rd. Finally, Evercore upgraded Southern from an "in-line" rating to an "outperform" rating and set a $111.00 price objective for the company in a research report on Thursday, March 5th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $99.85.

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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