Southern Company (The) $SO Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Southern Company stake by 3.0%, selling 39,725 shares and retaining 1.28 million shares valued at approximately $123.2 million. Institutional investors collectively own 64.1% of the company.
• Southern reported stronger-than-expected quarterly results, with earnings of $1.32 per share and revenue of $8.40 billion, up 8.0% year over year. Shares recently opened at $96.24, while analysts maintain a consensus “Hold” rating and an average price target of $100.21.
• The company declared a quarterly dividend of $0.76 per share, equivalent to $3.04 annually and a 3.2% yield; the dividend is payable September 8 to shareholders of record August 17.

California State Teachers Retirement System trimmed its stake in Southern Company (The) (NYSE:SO - Free Report) by 3.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,276,908 shares of the utilities provider's stock after selling 39,725 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Southern worth $123,247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SO. Rithm Capital Corp. grew its holdings in shares of Southern by 130.0% during the first quarter. Rithm Capital Corp. now owns 11,500 shares of the utilities provider's stock worth $1,110,000 after purchasing an additional 6,500 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Southern by 23.0% in the 1st quarter. Empowered Funds LLC now owns 66,631 shares of the utilities provider's stock valued at $6,431,000 after purchasing an additional 12,472 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Southern by 1.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,386,221 shares of the utilities provider's stock valued at $133,798,000 after purchasing an additional 13,853 shares during the last quarter. KCM Investment Advisors LLC boosted its position in shares of Southern by 0.3% in the 1st quarter. KCM Investment Advisors LLC now owns 34,328 shares of the utilities provider's stock valued at $3,313,000 after purchasing an additional 115 shares during the period. Finally, Excelsior Advisor Network LLC boosted its position in shares of Southern by 31.4% in the 1st quarter. Excelsior Advisor Network LLC now owns 20,176 shares of the utilities provider's stock valued at $1,947,000 after purchasing an additional 4,826 shares during the period. 64.10% of the stock is owned by hedge funds and other institutional investors.

Southern Stock Performance

Shares of SO stock opened at $96.24 on Thursday. The stock's 50-day moving average price is $94.59 and its 200 day moving average price is $93.94. The company has a quick ratio of 0.45, a current ratio of 0.65 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $108.49 billion, a PE ratio of 24.49, a price-to-earnings-growth ratio of 1.86 and a beta of 0.34. Southern Company has a 52-week low of $83.80 and a 52-week high of $100.83.

Southern (NYSE:SO - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.21 by $0.11. Southern had a return on equity of 12.64% and a net margin of 14.46%.The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.07 billion. During the same period last year, the firm earned $1.23 EPS. The firm's revenue for the quarter was up 8.0% on a year-over-year basis. As a group, equities research analysts forecast that Southern Company will post 4.58 EPS for the current year.

Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Monday, August 17th. Southern's dividend payout ratio is 77.35%.

Wall Street Analyst Weigh In

SO has been the topic of a number of research reports. Truist Financial dropped their price target on Southern from $103.00 to $100.00 and set a "hold" rating on the stock in a research note on Friday, May 29th. Morgan Stanley reissued an "underweight" rating on shares of Southern in a report on Wednesday, July 22nd. Raymond James Financial restated an "outperform" rating and set a $104.00 target price on shares of Southern in a research report on Friday, May 1st. BMO Capital Markets lifted their target price on shares of Southern from $102.00 to $104.00 and gave the company an "outperform" rating in a report on Monday. Finally, Weiss Ratings upgraded shares of Southern from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Seven 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $100.21.

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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