Reaves W H & Co. Inc. Sells 7,347 Shares of Southern Company (The) (NYSE:SO)

Key Points

• Reaves W H & Co. Inc. reduced its stake in Southern Company by 17.6% during the first quarter, now holding shares worth $3.16 million.
• Southern Company reported a net margin of 15.10% and a revenue of $6.97 billion for the latest quarter, exceeding consensus estimates.
• The company's quarterly dividend of $0.74 is set to be paid on September 8th, with a yield of 3.1% and a payout ratio of 76.09%.

Reaves W H & Co. Inc. trimmed its position in shares of Southern Company (The) (NYSE:SO - Free Report) by 17.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,398 shares of the utilities provider's stock after selling 7,347 shares during the quarter. Reaves W H & Co. Inc.'s holdings in Southern were worth $3,163,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Miracle Mile Advisors LLC lifted its stake in shares of Southern by 0.7% during the 1st quarter. Miracle Mile Advisors LLC now owns 15,928 shares of the utilities provider's stock worth $1,465,000 after purchasing an additional 110 shares during the last quarter. Keudell Morrison Wealth Management grew its position in Southern by 1.1% during the 1st quarter. Keudell Morrison Wealth Management now owns 10,032 shares of the utilities provider's stock worth $922,000 after purchasing an additional 110 shares during the period. West Branch Capital LLC grew its position in Southern by 23.0% during the first quarter. West Branch Capital LLC now owns 616 shares of the utilities provider's stock valued at $57,000 after buying an additional 115 shares during the period. PFW Advisors LLC increased its stake in shares of Southern by 1.9% in the 1st quarter. PFW Advisors LLC now owns 6,114 shares of the utilities provider's stock valued at $562,000 after purchasing an additional 116 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. raised its stake in shares of Southern by 1.4% during the 1st quarter. McGlone Suttner Wealth Management Inc. now owns 8,565 shares of the utilities provider's stock worth $788,000 after buying an additional 116 shares during the period. 64.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SO has been the topic of a number of analyst reports. Evercore ISI lifted their target price on shares of Southern from $90.00 to $94.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Raymond James Financial started coverage on shares of Southern in a research note on Friday, June 13th. They set an "outperform" rating and a $98.00 price target on the stock. Barclays increased their target price on Southern from $90.00 to $91.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on shares of Southern from $95.00 to $99.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Southern from $94.00 to $97.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Southern has a consensus rating of "Hold" and a consensus price target of $94.29.

Insider Activity at Southern

In related news, CEO Kimberly S. Greene sold 13,158 shares of Southern stock in a transaction on Monday, July 21st. The stock was sold at an average price of $95.00, for a total transaction of $1,250,010.00. Following the completion of the sale, the chief executive officer owned 93,661 shares of the company's stock, valued at approximately $8,897,795. This trade represents a 12.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is owned by corporate insiders.

Southern Stock Performance

Shares of SO traded up $0.56 during midday trading on Thursday, reaching $95.24. The stock had a trading volume of 4,162,040 shares, compared to its average volume of 5,522,047. Southern Company has a one year low of $80.46 and a one year high of $96.44. The firm has a 50 day simple moving average of $91.73 and a 200-day simple moving average of $89.65. The company has a current ratio of 0.74, a quick ratio of 0.54 and a debt-to-equity ratio of 1.69. The firm has a market cap of $104.77 billion, a PE ratio of 24.48, a P/E/G ratio of 3.27 and a beta of 0.38.

Southern (NYSE:SO - Get Free Report) last posted its earnings results on Thursday, July 31st. The utilities provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.99 by ($0.08). The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.70 billion. Southern had a return on equity of 12.09% and a net margin of 15.10%. The firm's revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $1.10 EPS. As a group, sell-side analysts anticipate that Southern Company will post 4.29 EPS for the current year.

Southern Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 18th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, August 18th. Southern's dividend payout ratio is currently 76.09%.

Southern Company Profile

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.