Mystic Asset Management Inc. Purchases Shares of 19,933 Southern Company (The) $SO

Key Points

• Mystic Asset Management acquired 19,933 shares of Southern Company in the second quarter, valued at approximately $1.91 million. Institutional investors collectively own 64.1% of the utility’s stock.
• Southern reported quarterly EPS of $1.13, exceeding analyst expectations of $1.01, while revenue reached $6.98 billion. Analysts project full-year EPS of $4.58.
• The company declared a quarterly dividend of $0.76, equivalent to $3.04 annually and a 3.3% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $100.09.

Mystic Asset Management Inc. purchased a new position in Southern Company (The) (NYSE:SO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 19,933 shares of the utilities provider's stock, valued at approximately $1,908,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SO. Evergreen Advisors LLC acquired a new position in Southern in the 1st quarter worth approximately $25,000. Scarborough Advisors LLC purchased a new position in shares of Southern in the first quarter valued at approximately $25,000. Ankerstar Wealth LLC acquired a new position in Southern during the fourth quarter worth about $25,000. Cornerstone Financial Management LLC acquired a new stake in shares of Southern in the 4th quarter worth $27,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Southern during the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 64.10% of the company's stock.

Southern Price Performance

Shares of NYSE SO opened at $91.47 on Friday. Southern Company has a 1-year low of $83.80 and a 1-year high of $100.83. The stock has a fifty day moving average price of $94.62 and a 200 day moving average price of $94.44. The company has a market cap of $105.22 billion, a PE ratio of 21.94, a P/E/G ratio of 1.77 and a beta of 0.34. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.79 and a quick ratio of 0.59.

Southern (NYSE:SO - Get Free Report) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.12. Southern had a return on equity of 12.93% and a net margin of 15.43%.The business had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $7.23 billion. During the same period in the prior year, the business posted $0.79 EPS. The company's revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts forecast that Southern Company will post 4.58 EPS for the current year.

Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 17th will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, August 17th. Southern's dividend payout ratio is presently 72.90%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SO. BMO Capital Markets boosted their price target on shares of Southern from $102.00 to $104.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Mizuho set a $106.00 price target on shares of Southern in a research report on Friday, July 31st. Raymond James Financial restated an "outperform" rating and issued a $104.00 price target on shares of Southern in a research note on Friday, May 1st. Wall Street Zen lowered Southern from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, KeyCorp cut Southern from a "sector weight" rating to an "underweight" rating and set a $79.00 price objective on the stock. in a research note on Thursday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $100.09.

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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