M&T Bank Corp Has $13.80 Million Position in Southern Company (The) $SO

Key Points

• M&T Bank Corp raised its stake in Southern by 7.1% to 158,292 shares worth $13.80 million, while institutional investors own about 64.1% of the company.
• Insider selling accelerated: CEO Kimberly S. Greene sold 25,000 shares for roughly $2.42 million (a 19.4% cut to her position) and EVP Christopher Cummiskey sold 6,669 shares.
• Southern beat Q1 expectations with $1.32 EPS (vs. $1.21 est.) and $8.40B revenue, and raised its quarterly dividend to $0.76 (annualized $3.04, ~3.2% yield; ex-dividend May 18).

M&T Bank Corp raised its position in Southern Company (The) (NYSE:SO - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 158,292 shares of the utilities provider's stock after acquiring an additional 10,531 shares during the quarter. M&T Bank Corp's holdings in Southern were worth $13,803,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SO. Strive Asset Management LLC bought a new stake in shares of Southern in the 3rd quarter worth about $37,000. Donaldson Capital Management LLC lifted its holdings in shares of Southern by 2,785.8% in the 3rd quarter. Donaldson Capital Management LLC now owns 563,027 shares of the utilities provider's stock worth $53,358,000 after acquiring an additional 543,517 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Southern in the 3rd quarter worth about $4,852,000. National Pension Service lifted its holdings in shares of 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, CWA Asset Management Group LLC lifted its holdings in shares of Southern by 7.2% in the 3rd quarter. CWA Asset Management Group LLC now owns 202,013 shares of the utilities provider's stock worth $19,145,000 after acquiring an additional 13,555 shares during the last quarter. 64.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SO. Jefferies Financial Group reiterated a "hold" rating and set a $102.00 price objective on shares of Southern in a report on Monday, February 23rd. Morgan Stanley decreased their price objective on shares of Southern from $94.00 to $92.00 and set an "underweight" rating for the company in a report on Tuesday, April 21st. BMO Capital Markets reiterated an "outperform" rating on shares of Southern in a report on Friday, February 20th. Truist Financial began coverage on shares of Southern in a report on Tuesday, April 21st. They set a "hold" rating and a $103.00 price objective for the company. Finally, Mizuho set a $105.00 price target on shares of Southern in a report on Friday. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $99.85.

Insider Activity at Southern

In related news, CEO Kimberly S. Greene sold 25,000 shares of the business's 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 transaction, the chief executive officer owned 103,602 shares in the company, valued at $10,015,205.34. The trade was a 19.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christopher Cummiskey sold 6,669 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $96.55, for a total transaction of $643,891.95. Following the transaction, the executive vice president 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.16% of the company's stock.

Southern Trading Down 0.8%

NYSE:SO opened at $95.97 on Tuesday. Southern Company has a one year low of $83.09 and a one year high of $100.83. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.45 and a current ratio of 0.65. The firm has a market cap of $108.19 billion, a P/E ratio of 24.42, a P/E/G ratio of 2.92 and a beta of 0.36. The firm has a 50-day simple moving average of $95.89 and a 200-day simple moving average of $92.03.

Southern (NYSE:SO - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The utilities provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.21 by $0.11. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.07 billion. Southern had a net margin of 14.46% and a return on equity of 12.64%. The company's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 EPS. Equities analysts anticipate that Southern Company will post 4.58 EPS for the current fiscal year.

Southern Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, May 18th will be paid a dividend of $0.76 per share. This is a boost from Southern's previous quarterly dividend of $0.74. The ex-dividend date is Monday, May 18th. This represents a $3.04 annualized dividend and a dividend yield of 3.2%. Southern's dividend payout ratio (DPR) is presently 75.32%.

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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