Huntington National Bank Increases Stake in Southern Co. (SO)
Huntington National Bank boosted its position in Southern Co. (NYSE:SO) by 167.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 255,875 shares of the company’s stock after buying an additional 160,243 shares during the period. Huntington National Bank’s holdings in Southern were worth $13,723,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Berkeley Capital Partners LLC increased its position in Southern by 41.0% in the first quarter. Berkeley Capital Partners LLC now owns 27,073 shares of the company’s stock valued at $1,400,000 after buying an additional 7,866 shares in the last quarter. USS Investment Management Ltd bought a new position in Southern during the first quarter valued at $6,435,000. NN Investment Partners Holdings N.V. bought a new position in Southern during the first quarter valued at $2,480,000. Nikko Asset Management Americas Inc. increased its position in Southern by 137.3% in the first quarter. Nikko Asset Management Americas Inc. now owns 12,100 shares of the company’s stock valued at $620,000 after buying an additional 7,000 shares in the last quarter. Finally, Sentry Investment Management LLC increased its position in Southern by 0.3% in the first quarter. Sentry Investment Management LLC now owns 70,971 shares of the company’s stock valued at $3,671,000 after buying an additional 187 shares in the last quarter. 48.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of Southern Co. (NYSE:SO) traded up 1.30% during midday trading on Wednesday, hitting $50.05. The company had a trading volume of 4,286,964 shares. The firm has a market capitalization of $47.13 billion, a PE ratio of 19.87 and a beta of 0.08. Southern Co. has a 12 month low of $43.38 and a 12 month high of $54.64. The company has a 50-day moving average of $51.53 and a 200 day moving average of $51.38.
Southern (NYSE:SO) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.70 by $0.04. Southern had a return on equity of 12.50% and a net margin of 13.77%. The firm earned $4.45 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts expect that Southern Co. will post $2.86 EPS for the current fiscal year.
SO has been the topic of several analyst reports. SunTrust Banks Inc. cut their target price on Southern from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Monday, September 12th. Zacks Investment Research raised Southern from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Tuesday, September 27th. Barclays PLC raised Southern from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $54.00 to $62.00 in a research report on Thursday, July 14th. They noted that the move was a valuation call. Jefferies Group reissued a “hold” rating on shares of Southern in a research report on Monday, July 11th. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and set a $54.00 target price on shares of Southern in a research report on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $53.50.
In other Southern news, CEO Mark A. Crosswhite sold 167,273 shares of the firm’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $53.30, for a total transaction of $8,915,650.90. Following the completion of the sale, the chief executive officer now owns 171,983 shares of the company’s stock, valued at $9,166,693.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Stan W. Connally sold 14,392 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $53.75, for a total value of $773,570.00. Following the sale, the chief executive officer now directly owns 17,716 shares of the company’s stock, valued at approximately $952,235. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.
Southern Company Profile
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional operating companies and Southern Power Company (Southern Power), and owns other direct and indirect subsidiaries. Southern Company’s segments include the sale of electricity by four traditional operating companies, Southern Power and All Other.
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