Zurcher Kantonalbank Zurich Cantonalbank Buys 10,600 Shares of Southern Company (The) (NYSE:SO)

Key Points

• Zurcher Kantonalbank increased its stake in Southern Company by 4.8%, totaling 233,620 shares valued at approximately $21.48 million.
• Southern Company reported a better-than-expected quarterly earnings per share of $1.23, exceeding analysts’ estimates by $0.03, and a revenue increase of 17.0% year-over-year.
• The company announced a quarterly dividend of $0.74 per share, which translates to an annualized yield of 3.11% and reflects a payout ratio of 70.64%.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Southern Company (The) (NYSE:SO - Free Report) by 4.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 233,620 shares of the utilities provider's stock after acquiring an additional 10,600 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Southern were worth $21,481,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SO. Investors Research Corp boosted its position in Southern by 400.0% in the first quarter. Investors Research Corp now owns 270 shares of the utilities provider's stock valued at $25,000 after buying an additional 216 shares in the last quarter. Rossby Financial LCC acquired a new stake in Southern in the first quarter valued at approximately $39,000. Elequin Capital LP boosted its position in Southern by 60.6% in the fourth quarter. Elequin Capital LP now owns 498 shares of the utilities provider's stock valued at $41,000 after buying an additional 188 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Southern in the fourth quarter valued at approximately $44,000. Finally, Copia Wealth Management acquired a new stake in Southern in the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 64.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SO shares. BMO Capital Markets raised their target price on shares of Southern from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company lifted their price target on shares of Southern from $95.00 to $99.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Evercore ISI lifted their price target on shares of Southern from $90.00 to $94.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. KeyCorp lowered shares of Southern from a "sector weight" rating to an "underweight" rating and set a $78.00 price target on the stock. in a report on Wednesday, May 14th. Finally, Barclays lifted their price target on shares of Southern from $90.00 to $91.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Southern presently has a consensus rating of "Hold" and an average target price of $94.20.

Southern Trading Up 0.7%

SO stock traded up $0.69 during midday trading on Friday, hitting $95.17. The stock had a trading volume of 3,357,219 shares, compared to its average volume of 5,173,348. The firm has a market cap of $104.60 billion, a P/E ratio of 22.73, a price-to-earnings-growth ratio of 3.28 and a beta of 0.38. The company has a current ratio of 0.86, a quick ratio of 0.65 and a debt-to-equity ratio of 1.69. Southern Company has a 1-year low of $80.46 and a 1-year high of $96.44. The business has a fifty day moving average price of $91.27 and a two-hundred day moving average price of $89.32.

Southern (NYSE:SO - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Southern had a net margin of 16.54% and a return on equity of 12.70%. The firm had revenue of $7.78 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The business's revenue was up 17.0% compared to the same quarter last year. On average, sell-side analysts predict that Southern Company will post 4.29 earnings per share for the current fiscal year.

Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 18th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, August 18th. Southern's dividend payout ratio is currently 70.64%.

Insider Buying and Selling at Southern

In related news, CEO Kimberly S. Greene sold 13,158 shares of the company'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 transaction of $1,250,010.00. Following the sale, the chief executive officer directly owned 93,661 shares in the company, valued at approximately $8,897,795. This represents a 12.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.