Rakuten Investment Management Inc. Purchases 20,595 Shares of Southern Company (The) $SO

Key Points

• Rakuten Investment Management increased its Southern Company stake by 11.2% in the third quarter, adding 20,595 shares for a total of 204,978 shares valued at about $17.1 million.
• Institutional investors and hedge funds own 64.1% of Southern’s stock; several major investors also increased or established positions.
• Southern declared a quarterly dividend of $0.76 per share, equivalent to $3.04 annually and a 3.3% yield. Analysts’ consensus rating is Hold, with an average price target of $97.24.

Rakuten Investment Management Inc. grew its holdings in Southern Company (The) (NYSE:SO - Free Report) by 11.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 204,978 shares of the utilities provider's stock after buying an additional 20,595 shares during the quarter. Rakuten Investment Management Inc.'s holdings in Southern were worth $17,105,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Southern by 4.9% in the first quarter. Bank of America Corp DE now owns 8,380,592 shares of the utilities provider's stock valued at $808,895,000 after buying an additional 392,210 shares during the period. Legal & General Group Plc acquired a new stake in Southern during the 2nd quarter worth $737,256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Southern by 9.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,681,674 shares of the utilities provider's stock valued at $543,793,000 after acquiring an additional 508,149 shares during the last quarter. Swiss National Bank raised its position in shares of Southern by 7.2% during the 1st quarter. Swiss National Bank now owns 3,231,400 shares of the utilities provider's stock valued at $311,895,000 after acquiring an additional 216,900 shares during the last quarter. Finally, National Pension Service raised its position in shares of Southern by 1.9% during the 2nd quarter. National Pension Service now owns 2,932,978 shares of the utilities provider's stock valued at $280,715,000 after acquiring an additional 54,111 shares during the last quarter. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Southern Stock Performance

NYSE:SO opened at $93.02 on Thursday. The stock has a 50 day simple moving average of $88.02 and a 200 day simple moving average of $92.44. The stock has a market cap of $107.01 billion, a P/E ratio of 22.31, a PEG ratio of 2.47 and a beta of 0.30. Southern Company has a 1-year low of $81.69 and a 1-year high of $99.58. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 1.62.

Southern Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Monday, November 16th will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Monday, November 16th. Southern's dividend payout ratio (DPR) is presently 72.90%.

Analyst Ratings Changes

Several research firms have recently issued reports on SO. Citigroup decreased their target price on Southern from $114.00 to $104.00 and set a "buy" rating for the company in a research report on Friday, September 25th. Bank of America reduced their price objective on shares of Southern from $100.00 to $92.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 13th. KeyCorp lowered their target price on shares of Southern from $79.00 to $74.00 and set an "underweight" rating for the company in a research note on Tuesday, October 13th. Royal Bank Of Canada cut their target price on shares of Southern from $101.00 to $98.00 in a report on Monday, October 26th. Finally, Mizuho set a $106.00 price target on shares of Southern and gave the stock an "outperform" rating in a research report on Friday, July 31st. Eight equities 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $97.24.

Southern Profile

Southern Company NYSE: SO is an energy holding company headquartered in Atlanta, Georgia. Through its subsidiaries, the company generates, transmits, distributes and sells electricity, while also providing natural gas distribution and related energy services.

Southern's electric utility operations include Alabama Power, Georgia Power and Mississippi Power, which serve customers across Alabama, Georgia and Mississippi. The company's generation portfolio includes nuclear, natural gas, coal, hydroelectric and renewable energy resources.

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