Southern Company (The) $SO Holdings Raised by DNB Asset Management AS

Key Points

• DNB Asset Management AS increased its stake in Southern Company by 7.1% in the fourth quarter, bringing its holdings to 486,143 shares valued at about $42.4 million.
• Southern reported better-than-expected first-quarter results, with EPS of $1.32 versus the $1.21 estimate and revenue of $8.40 billion versus expectations of $8.07 billion. Revenue rose 8.0% year over year.
• The company raised its quarterly dividend to $0.76 per share from $0.74, for an annualized payout of $3.04 and a yield of about 3.3%.

DNB Asset Management AS boosted its position in Southern Company (The) (NYSE:SO - Free Report) by 7.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 486,143 shares of the utilities provider's stock after purchasing an additional 32,221 shares during the period. DNB Asset Management AS's holdings in Southern were worth $42,392,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in SO. Empowered Funds LLC lifted its position in Southern by 17.5% in the first quarter. Empowered Funds LLC now owns 34,003 shares of the utilities provider's stock worth $3,127,000 after purchasing an additional 5,067 shares during the period. Schnieders Capital Management LLC. lifted its position in Southern by 0.7% in the second quarter. Schnieders Capital Management LLC. now owns 59,217 shares of the utilities provider's stock worth $5,438,000 after purchasing an additional 393 shares during the period. WINTON GROUP Ltd acquired a new stake in Southern in the second quarter worth approximately $655,000. Sei Investments Co. lifted its position in Southern by 11.5% in the second quarter. Sei Investments Co. now owns 449,960 shares of the utilities provider's stock worth $41,320,000 after purchasing an additional 46,504 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in Southern by 2.7% in the second quarter. Treasurer of the State of North Carolina now owns 514,736 shares of the utilities provider's stock worth $47,268,000 after purchasing an additional 13,392 shares during the period. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Southern Stock Performance

Shares of Southern stock opened at $92.56 on Friday. The stock has a market cap of $104.35 billion, a PE ratio of 23.55, a price-to-earnings-growth ratio of 2.83 and a beta of 0.36. The business has a fifty day simple moving average of $95.34 and a 200-day simple moving average of $91.80. The company has a quick ratio of 0.45, a current ratio of 0.65 and a debt-to-equity ratio of 1.68. Southern Company has a 12 month low of $83.80 and a 12 month high of $100.83.

Southern (NYSE:SO - Get Free Report) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.21 by $0.11. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.07 billion. Southern had a return on equity of 12.64% and a net margin of 14.46%.Southern's revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 earnings per share. On average, sell-side analysts anticipate that Southern Company will post 4.57 EPS for the current fiscal year.

Southern Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Monday, May 18th will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.3%. This is a boost from Southern's previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Monday, May 18th. Southern's payout ratio is 75.32%.

Insider Buying and Selling at Southern

In related news, CEO Kimberly S. Greene sold 25,000 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of $96.67, for a total transaction of $2,416,750.00. Following the completion of the sale, the chief executive officer directly owned 103,602 shares in the company, valued at approximately $10,015,205.34. This trade represents a 19.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher Cummiskey sold 6,669 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $96.55, for a total value of $643,891.95. Following the sale, the executive vice president owned 30,800 shares of the company's stock, valued at approximately $2,973,740. This represents a 17.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on SO. Evercore upgraded Southern from an "in-line" rating to an "outperform" rating and set a $111.00 target price for the company in a research report on Thursday, March 5th. Barclays raised their target price on shares of Southern from $88.00 to $99.00 and gave the stock an "equal weight" rating in a report on Friday, April 10th. Jefferies Financial Group restated a "hold" rating and set a $102.00 price target on shares of Southern in a report on Monday, February 23rd. Truist Financial started coverage on shares of Southern in a research report on Tuesday, April 21st. They issued a "hold" rating and a $103.00 price target for the company. Finally, Wells Fargo & Company set a $96.00 price target on shares of Southern and gave the company an "equal weight" rating in a research report on Friday, February 20th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $99.85.

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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