Southern Company (The) $SO Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group trimmed its stake in Southern Company by 3.3% in the fourth quarter, though it still held 512,996 shares valued at about $44.7 million.
• Southern reported better-than-expected quarterly results, posting EPS of $1.32 versus the $1.21 consensus and revenue of $8.40 billion, up 8% year over year.
• The company also raised its quarterly dividend to $0.76 per share, or $3.04 annually, for a yield of about 3.2%.

PNC Financial Services Group Inc. decreased its holdings in shares of Southern Company (The) (NYSE:SO - Free Report) by 3.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 512,996 shares of the utilities provider's stock after selling 17,633 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Southern were worth $44,733,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SO. Cloud Capital Management LLC acquired a new stake in Southern during the third quarter worth about $25,000. Grey Fox Wealth Advisors LLC acquired a new stake in Southern during the third quarter worth about $29,000. Triumph Capital Management acquired a new stake in Southern during the third quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Southern in the fourth quarter valued at approximately $31,000. Finally, Legacy Wealth Managment LLC ID acquired a new stake in shares of Southern in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 64.10% of the company's stock.

Southern Trading Up 0.7%

Southern stock opened at $94.31 on Friday. The company has a 50 day moving average price of $95.10 and a 200 day moving average price of $91.77. Southern Company has a 52 week low of $83.80 and a 52 week high of $100.83. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.45 and a current ratio of 0.65. The firm has a market capitalization of $106.32 billion, a price-to-earnings ratio of 24.00, a P/E/G ratio of 2.83 and a beta of 0.36.

Southern (NYSE:SO - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $1.32 EPS for the quarter, topping analysts' consensus estimates of $1.21 by $0.11. Southern had a net margin of 14.46% and a return on equity of 12.64%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.07 billion. During the same quarter last year, the business posted $1.23 EPS. The company's revenue was up 8.0% on a year-over-year basis. Research analysts forecast that Southern Company will post 4.57 EPS for the current year.

Southern Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, May 18th will be paid a $0.76 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $3.04 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Southern's previous quarterly dividend of $0.74. Southern's dividend payout ratio (DPR) is 77.35%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

SO has been the topic of several analyst reports. Jefferies Financial Group restated a "hold" rating and issued a $102.00 price target on shares of Southern in a research note on Monday, February 23rd. TD Cowen raised their price target on shares of Southern from $108.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, March 6th. BMO Capital Markets restated an "outperform" rating on shares of Southern in a research note on Friday, February 20th. Barclays raised their price target on shares of Southern from $88.00 to $99.00 and gave the company an "equal weight" rating in a research note on Friday, April 10th. Finally, Raymond James Financial restated an "outperform" rating and issued a $104.00 price target on shares of Southern in a research note on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Southern presently has a consensus rating of "Hold" and a consensus target price of $99.56.

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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