Southern Co. (SO) Shares Sold by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. reduced its stake in Southern Co. (NYSE:SO) by 2.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 829,851 shares of the company’s stock after selling 23,916 shares during the period. PNC Financial Services Group Inc. owned about 0.09% of Southern worth $42,570,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Southern by 5.6% in the second quarter. Vanguard Group Inc. now owns 60,379,260 shares of the company’s stock worth $3,238,139,000 after buying an additional 3,222,084 shares in the last quarter. Capital International Investors boosted its position in shares of Southern by 517.2% in the second quarter. Capital International Investors now owns 3,225,300 shares of the company’s stock worth $172,973,000 after buying an additional 2,702,700 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Southern by 13.0% in the second quarter. BlackRock Fund Advisors now owns 19,032,403 shares of the company’s stock worth $1,020,708,000 after buying an additional 2,194,490 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Southern by 20.7% in the third quarter. Wells Fargo & Company MN now owns 12,220,635 shares of the company’s stock worth $626,918,000 after buying an additional 2,099,472 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Southern during the second quarter worth approximately $90,503,000. 50.49% of the stock is currently owned by institutional investors and hedge funds.
Southern Co. (NYSE:SO) traded down 1.30% during trading on Wednesday, hitting $47.68. The stock had a trading volume of 814,828 shares. The firm has a market cap of $46.73 billion, a P/E ratio of 17.90 and a beta of 0.07. Southern Co. has a 52-week low of $43.72 and a 52-week high of $54.64. The company has a 50-day moving average of $49.57 and a 200 day moving average of $51.19.
Southern (NYSE:SO) last posted its quarterly earnings results on Monday, October 31st. The company reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.11. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Southern had a return on equity of 12.69% and a net margin of 14.14%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the firm earned $1.17 earnings per share. On average, equities research analysts predict that Southern Co. will post $2.90 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Monday, November 21st will be issued a dividend of $0.56 per share. The ex-dividend date is Thursday, November 17th. This represents a $2.24 dividend on an annualized basis and a yield of 4.64%. Southern’s dividend payout ratio is presently 83.27%.
A number of brokerages have recently commented on SO. Jefferies Group reaffirmed a “hold” rating on shares of Southern in a research report on Thursday, August 4th. Zacks Investment Research lowered Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, October 26th. Finally, SunTrust Banks Inc. decreased their price objective on Southern from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Monday, September 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $53.50.
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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