RDA Financial Network Reduces Holdings in Southern Company (The) $SO

Key Points

• RDA Financial Network cut its Southern Company stake by 82.1% in the second quarter, selling 18,532 shares and retaining 4,038 shares valued at approximately $386,000. Institutional investors collectively own 64.1% of the utility company.
• Southern reported quarterly earnings of $1.13 per share, exceeding analysts’ $1.01 estimate, while revenue of $6.98 billion fell short of the $7.23 billion consensus forecast. Analysts expect full-year earnings of $4.58 per share.
• Southern declared a quarterly dividend of $0.76 per share, equivalent to an annualized $3.04 dividend and a 3.3% yield. Wall Street’s consensus rating is Hold, with an average price target of $100.26 versus the reported share price of $93.49.

RDA Financial Network lessened its holdings in Southern Company (The) (NYSE:SO - Free Report) by 82.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,038 shares of the utilities provider's stock after selling 18,532 shares during the period. RDA Financial Network's holdings in Southern were worth $386,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Spirepoint Private Client LLC grew its stake in Southern by 13.3% in the 4th quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider's stock worth $8,513,000 after acquiring an additional 11,460 shares during the period. Marble Wealth LLC purchased a new position in Southern during the fourth quarter worth about $4,443,000. Wolverine Asset Management LLC acquired a new stake in Southern in the 4th quarter worth about $2,462,000. D.A. Davidson & CO. increased its stake in shares of Southern by 20.5% during the 4th quarter. D.A. Davidson & CO. now owns 99,386 shares of the utilities provider's stock valued at $8,667,000 after acquiring an additional 16,878 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Southern by 19.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 201,137 shares of the utilities provider's stock worth $17,539,000 after acquiring an additional 32,933 shares during the last quarter. 64.10% of the stock is owned by hedge funds and other institutional investors.

Southern Price Performance

Shares of SO stock opened at $93.49 on Wednesday. The firm has a fifty day simple moving average of $94.55 and a 200-day simple moving average of $94.12. The company has a market capitalization of $107.54 billion, a PE ratio of 22.42, a price-to-earnings-growth ratio of 1.79 and a beta of 0.34. Southern Company has a twelve month low of $83.80 and a twelve month high of $100.83. 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 (NYSE:SO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.12. The firm had revenue of $6.98 billion for the quarter, compared to analyst estimates of $7.23 billion. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm's revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.79 EPS. Equities research analysts anticipate that Southern Company will post 4.58 earnings per share for the current fiscal year.

Southern Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SO. KeyCorp lowered shares of Southern from a "sector weight" rating to an "underweight" rating and set a $79.00 price target on the stock. in a report on Thursday, July 23rd. JPMorgan Chase & Co. raised their price objective on Southern from $101.00 to $104.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Morgan Stanley reissued an "underweight" rating on shares of Southern in a research report on Wednesday, July 22nd. Seaport Research Partners downgraded shares of Southern from a "buy" rating to a "neutral" rating in a research note on Monday, April 20th. Finally, Citigroup restated a "buy" rating on shares of Southern in a report on Friday, April 10th. Seven research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Southern currently has a consensus rating of "Hold" and an average price target of $100.26.

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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