Naples Global Advisors LLC Increases Position in Southern Co (SO)
Naples Global Advisors LLC increased its stake in Southern Co (NYSE:SO) by 5.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,374 shares of the utilities provider’s stock after buying an additional 2,175 shares during the period. Southern makes up about 0.7% of Naples Global Advisors LLC’s investment portfolio, making the stock its 29th largest position. Naples Global Advisors LLC’s holdings in Southern were worth $2,010,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of SO. Confluence Investment Management LLC boosted its position in Southern by 9.7% in the first quarter. Confluence Investment Management LLC now owns 1,681,743 shares of the utilities provider’s stock valued at $83,717,000 after buying an additional 149,174 shares during the period. AQR Capital Management LLC boosted its position in Southern by 25.6% in the fourth quarter. AQR Capital Management LLC now owns 2,698,478 shares of the utilities provider’s stock valued at $132,738,000 after buying an additional 549,597 shares during the period. Heritage Way Advisors LLC acquired a new position in Southern during the fourth quarter valued at approximately $1,680,000. Jackson Wealth Management LLC boosted its position in Southern by 1.1% in the third quarter. Jackson Wealth Management LLC now owns 56,351 shares of the utilities provider’s stock valued at $2,879,000 after buying an additional 632 shares during the period. Finally, United Capital Financial Advisers LLC boosted its position in Southern by 0.7% in the fourth quarter. United Capital Financial Advisers LLC now owns 339,147 shares of the utilities provider’s stock valued at $16,683,000 after buying an additional 2,471 shares during the period. 51.57% of the stock is owned by institutional investors.
Shares of Southern Co (NYSE:SO) opened at 49.61 on Friday. The stock has a market cap of $49.34 billion, a price-to-earnings ratio of 18.55 and a beta of 0.05. The stock has a 50 day moving average price of $49.82 and a 200-day moving average price of $49.25. Southern Co has a 12-month low of $46.20 and a 12-month high of $54.64.
Southern (NYSE:SO) last announced its quarterly earnings results on Wednesday, May 3rd. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.08. Southern had a net margin of 14.14% and a return on equity of 12.69%. The company had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.58 billion. During the same quarter in the previous year, the business earned $0.58 EPS. The firm’s revenue was up 44.6% on a year-over-year basis. Equities analysts anticipate that Southern Co will post $2.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 6th. Investors of record on Monday, May 15th will be given a $0.58 dividend. This is a boost from Southern’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Thursday, May 11th. Southern’s payout ratio is currently 83.27%.
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Several analysts have issued reports on the company. Argus cut Southern from a “buy” rating to a “hold” rating in a research note on Friday, March 3rd. Jefferies Group LLC upgraded Southern from a “hold” rating to a “buy” rating and increased their price target for the stock from $50.00 to $56.00 in a research report on Friday, March 3rd. Zacks Investment Research cut Southern from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Morgan Stanley increased their price target on Southern from $50.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, May 8th. Finally, Barclays PLC reiterated an “overweight” rating and set a $56.00 price target (up from $53.00) on shares of Southern in a research report on Sunday, April 23rd. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $51.79.
In related news, VP James Y. Kerr II sold 68,609 shares of the business’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $50.05, for a total value of $3,433,880.45. Following the sale, the vice president now directly owns 69,609 shares of the company’s stock, valued at approximately $3,483,930.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christopher C. Womack sold 2,182 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $50.36, for a total transaction of $109,885.52. Following the sale, the executive vice president now directly owns 10,151 shares in the company, valued at $511,204.36. The disclosure for this sale can be found here. Insiders sold a total of 86,891 shares of company stock worth $4,356,816 over the last ninety days. 1.00% of the stock is currently owned by insiders.
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional electric operating companies and the parent entities of Southern Power Company (Southern Power) and Southern Company Gas, and owns other direct and indirect subsidiaries. The Company’s segments include Gas distribution operations, Gas marketing services, Wholesale gas services, Gas midstream operations and All other.
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