Southern Company (The) $SO Stock Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Southern Company stake by 2.8% in the second quarter, adding 67,290 shares to own 2.51 million shares valued at approximately $240.5 million. Institutional investors collectively own 64.1% of the utility.
• Southern reported quarterly earnings of $1.13 per share, beating analysts’ $1.01 estimate, while revenue reached $6.98 billion. The company also maintains a quarterly dividend of $0.76 per share, equivalent to a 3.7% annualized yield.
• Shares recently traded near $82.87, close to their 52-week low, and analysts have a consensus “Hold” rating with an average price target of $99.85.

Envestnet Asset Management Inc. boosted its position in Southern Company (The) (NYSE:SO - Free Report) by 2.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,513,008 shares of the utilities provider's stock after acquiring an additional 67,290 shares during the period. Envestnet Asset Management Inc. owned 0.22% of Southern worth $240,519,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Marble Wealth LLC purchased a new position in Southern during the fourth quarter valued at approximately $4,443,000. Mawer Investment Management Ltd. increased its holdings in shares of Southern by 121.4% in the 4th quarter. Mawer Investment Management Ltd. now owns 1,767,773 shares of the utilities provider's stock worth $154,150,000 after buying an additional 969,493 shares during the last quarter. OMERS ADMINISTRATION Corp increased its stake in Southern by 29.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 50,628 shares of the utilities provider's stock valued at $4,887,000 after acquiring an additional 11,448 shares during the last quarter. MUFG Securities EMEA plc raised its position in Southern by 114.2% during the fourth quarter. MUFG Securities EMEA plc now owns 45,112 shares of the utilities provider's stock valued at $3,934,000 after purchasing an additional 24,056 shares in the last quarter. Finally, Glenmede Trust Co. NA raised its position in Southern by 19.1% during the first quarter. Glenmede Trust Co. NA now owns 92,289 shares of the utilities provider's stock valued at $8,908,000 after purchasing an additional 14,798 shares in the last quarter. 64.10% of the stock is owned by hedge funds and other institutional investors.

Southern Trading Down 0.7%

NYSE SO opened at $82.87 on Friday. Southern Company has a fifty-two week low of $82.83 and a fifty-two week high of $100.83. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.59 and a current ratio of 0.79. The stock has a 50 day simple moving average of $90.64 and a two-hundred day simple moving average of $93.33. The stock has a market cap of $95.34 billion, a P/E ratio of 19.87, a price-to-earnings-growth ratio of 2.27 and a beta of 0.33.

Southern (NYSE:SO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.12. The firm had revenue of $6.98 billion for the quarter, compared to analyst estimates of $7.23 billion. Southern had a return on equity of 12.93% and a net margin of 15.43%.The business's quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company earned $0.79 EPS. On average, analysts forecast that Southern Company will post 4.59 earnings per share for the current year.

Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Monday, August 17th. Southern's payout ratio is presently 72.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Truist Financial cut their price objective on Southern from $100.00 to $97.00 and set a "hold" rating for the company in a report on Thursday, August 13th. BMO Capital Markets increased their target price on Southern from $102.00 to $104.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Mizuho set a $106.00 price target on Southern in a research report on Friday, July 31st. Morgan Stanley decreased their price target on Southern from $89.00 to $85.00 and set an "underweight" rating on the stock in a research note on Friday, September 18th. Finally, Wall Street Zen raised Southern from a "sell" rating to a "hold" rating in a research note on Saturday, September 19th. Seven investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $99.85.

About Southern

Southern Company NYSE: SO is an energy holding company that provides electricity and natural gas services through a group of regulated utility subsidiaries. Its electric utilities generate, transmit and distribute power to residential, commercial and industrial customers, while its gas businesses distribute natural gas and provide related energy services.

The company's principal electric subsidiaries include Alabama Power, Georgia Power and Mississippi Power. Southern Company also operates Southern Nuclear, which manages the company's nuclear generation interests, including the Vogtle nuclear expansion in Georgia.

Want to see what other hedge funds are holding SO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Company (The) (NYSE:SO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.