PNC Financial Services Group Inc. Has $52.82 Million Stock Holdings in Southern Company (The) $SO

Key Points

• PNC Financial Services increased its stake in Southern Company by 6.7% in the first quarter, bringing its holdings to 547,233 shares valued at about $52.8 million.
• Southern continues to attract major institutional interest, with firms like Vanguard, Capital World Investors, and Price T Rowe also boosting positions; institutional investors own 64.10% of the stock.
• Southern reported better-than-expected quarterly results and announced a quarterly dividend of $0.76 per share, implying an annualized yield of about 3.1%.

PNC Financial Services Group Inc. raised its holdings in shares of Southern Company (The) (NYSE:SO - Free Report) by 6.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 547,233 shares of the utilities provider's stock after purchasing an additional 34,237 shares during the period. PNC Financial Services Group Inc.'s holdings in Southern were worth $52,819,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of 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 in the last quarter. Capital World Investors boosted its holdings in shares of Southern by 22.6% in the fourth quarter. Capital World Investors now owns 41,142,076 shares of the utilities provider's stock valued at $3,587,589,000 after buying an additional 7,593,224 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Southern by 18.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 34,459,462 shares of the utilities provider's stock worth $3,004,866,000 after acquiring an additional 5,436,212 shares during the period. Geode Capital Management LLC lifted its position in Southern by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 27,259,125 shares of the utilities provider's stock valued at $2,381,344,000 after acquiring an additional 384,860 shares in the last quarter. Finally, Norges Bank acquired a new position in Southern in the 4th quarter worth $1,111,450,000. Institutional investors and hedge funds own 64.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SO shares. Wall Street Zen upgraded Southern from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Weiss Ratings upgraded Southern from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Barclays dropped their target price on Southern from $99.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Thursday, June 18th. Truist Financial cut their target price on Southern from $103.00 to $100.00 and set a "hold" rating on the stock in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Southern from $101.00 to $104.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Seven research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Southern has an average rating of "Hold" and an average price target of $100.09.

Southern Stock Performance

Shares of NYSE SO opened at $96.53 on Friday. 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 stock has a 50 day moving average price of $94.34 and a 200 day moving average price of $93.67. The stock has a market capitalization of $108.81 billion, a PE ratio of 24.56, a price-to-earnings-growth ratio of 1.88 and a beta of 0.34. Southern Company has a 52 week low of $83.80 and a 52 week high of $100.83.

Southern (NYSE:SO - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.11. Southern had a return on equity of 12.64% and a net margin of 14.46%.The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.07 billion. The business's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.23 EPS. Analysts predict that Southern Company will post 4.58 earnings per share for the current fiscal year.

Southern Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be paid a $0.76 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.04 dividend on an annualized basis and a yield of 3.1%. Southern's dividend payout ratio (DPR) is currently 77.35%.

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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