M&T Bank Corp Has $1.60 Million Holdings in Southern Company (The) $SO

Key Points

• M&T Bank Corp cut its stake in Southern Company by 86.7% in Q4, selling 128,073 shares and leaving it with 19,688 shares valued at approximately $1.60 million.
• Company insiders sold significant stock recently: CEO Kimberly S. Greene sold 25,000 shares (~$2.42M) reducing her stake by 19.44%, and EVP Christopher Cummiskey sold 6,669 shares (~$643,892), a 17.8% reduction.
• Southern raised its quarterly dividend to $0.76 (from $0.74), implying a $3.04 annualized payout and a ~3.2% yield, with an ex-dividend date of May 18 and payment on June 8.

M&T Bank Corp cut its holdings in Southern Company (The) (NYSE:SO - Free Report) by 86.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,688 shares of the utilities provider's stock after selling 128,073 shares during the period. M&T Bank Corp's holdings in Southern were worth $1,595,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Gladstone Institutional Advisory LLC increased its position in Southern by 0.5% during the third quarter. Gladstone Institutional Advisory LLC now owns 21,461 shares of the utilities provider's stock worth $2,034,000 after buying an additional 105 shares during the last quarter. Venturi Wealth Management LLC increased its position in Southern by 0.7% during the third quarter. Venturi Wealth Management LLC now owns 15,230 shares of the utilities provider's stock worth $1,443,000 after buying an additional 105 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in Southern by 2.1% during the third quarter. Cornerstone Wealth Management LLC now owns 5,155 shares of the utilities provider's stock worth $489,000 after buying an additional 108 shares during the last quarter. Gateway Investment Advisers LLC increased its position in Southern by 4.1% during the third quarter. Gateway Investment Advisers LLC now owns 2,768 shares of the utilities provider's stock worth $262,000 after buying an additional 109 shares during the last quarter. Finally, PDS Planning Inc increased its position in Southern by 1.8% during the third quarter. PDS Planning Inc now owns 6,145 shares of the utilities provider's stock worth $582,000 after buying an additional 111 shares during the last quarter. 64.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Southern

In related news, 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 transaction, the chief executive officer owned 103,602 shares in the company, valued at $10,015,205.34. This trade represents a 19.44% decrease in their position. The sale 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 dated 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 in the company, valued at approximately $2,973,740. The trade was a 17.80% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.16% of the company's stock.

Southern Stock Performance

Shares of SO opened at $94.46 on Wednesday. The company has a market capitalization of $106.59 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 2.83 and a beta of 0.41. 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 1.69, a current ratio of 0.65 and a quick ratio of 0.47. The company's fifty day moving average price is $95.80 and its 200 day moving average price is $92.08.

Southern (NYSE:SO - Get Free Report) last announced its earnings results on Wednesday, February 18th. The utilities provider reported $0.55 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.01). The firm had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $6.41 billion. Southern had a return on equity of 12.52% and a net margin of 14.69%.The business's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.50 EPS. As a group, analysts expect that Southern Company will post 4.58 earnings per share for the current year.

Southern Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, May 18th will be issued a $0.76 dividend. 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 yield of 3.2%. Southern's payout ratio is 75.32%.

Analyst Ratings Changes

Several research firms have commented on SO. Mizuho set a $104.00 target price on shares of Southern and gave the stock an "outperform" rating in a research report on Friday, February 20th. Royal Bank Of Canada reissued a "sector perform" rating and set a $105.00 target price on shares of Southern in a research report on Friday, January 23rd. Wells Fargo & Company set a $96.00 target price on shares of Southern and gave the stock an "equal weight" rating in a research report on Friday, February 20th. Seaport Research Partners downgraded shares of Southern from a "buy" rating to a "neutral" rating in a research report on Monday, April 20th. Finally, Evercore raised shares of Southern from an "in-line" rating to an "outperform" rating and set a $111.00 target price on the stock in a research report on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $99.08.

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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