Southern Company (The) (NYSE:SO) Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Southern Company by 23.7%, selling 906,988 shares in the first quarter, now holding 2,923,072 shares worth approximately $268.8 million.
• CEO Kimberly S. Greene sold 13,158 shares of Southern Company stock, valuing over $1.25 million, reducing their ownership by 12.32%.
• Southern Company reported a quarterly EPS of $0.91, missing estimates by $0.08, while revenue increased 7.9% to $6.97 billion.

Raymond James Financial Inc. trimmed its holdings in Southern Company (The) (NYSE:SO - Free Report) by 23.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,923,072 shares of the utilities provider's stock after selling 906,988 shares during the period. Raymond James Financial Inc. owned 0.27% of Southern worth $268,776,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Investors Research Corp increased its position in Southern by 400.0% during the first quarter. Investors Research Corp now owns 270 shares of the utilities provider's stock worth $25,000 after purchasing an additional 216 shares during the last quarter. Cheviot Value Management LLC acquired a new stake in Southern during the first quarter worth about $28,000. Financial Connections Group Inc. acquired a new stake in Southern during the first quarter worth about $33,000. Rossby Financial LCC acquired a new stake in Southern during the first quarter worth about $39,000. Finally, Elequin Capital LP increased its position in Southern by 60.6% during the fourth quarter. Elequin Capital LP now owns 498 shares of the utilities provider's stock worth $41,000 after purchasing an additional 188 shares during the last quarter. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Southern

In other news, CEO Kimberly S. Greene sold 13,158 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $95.00, for a total value of $1,250,010.00. Following the completion of the transaction, 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 document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.16% of the company's stock.

Southern Trading Down 0.1%

NYSE SO opened at $94.07 on Friday. The firm has a 50 day simple moving average of $92.49 and a 200-day simple moving average of $90.21. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.54 and a current ratio of 0.74. Southern Company has a one year low of $80.46 and a one year high of $96.44. The firm has a market cap of $103.48 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 3.25 and a beta of 0.38.

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

Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 18th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $2.96 annualized dividend and a dividend yield of 3.1%. Southern's dividend payout ratio (DPR) is presently 76.09%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Southern from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. raised their price objective on shares of Southern from $94.00 to $97.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Guggenheim restated a "neutral" rating and set a $93.00 price objective on shares of Southern in a research report on Friday, May 2nd. KeyCorp cut shares of Southern from a "sector weight" rating to an "underweight" rating and set a $78.00 price objective for the company. in a research report on Wednesday, May 14th. Finally, Wells Fargo & Company raised their price objective on shares of Southern from $95.00 to $99.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $94.29.

Southern 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.

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