Robertson Stephens Wealth Management LLC Invests $203,000 in The Southern Company (NYSE:SO)
Robertson Stephens Wealth Management LLC acquired a new stake in shares of The Southern Company (NYSE:SO) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,757 shares of the utilities provider’s stock, valued at approximately $203,000.
Several other hedge funds also recently modified their holdings of the stock. FDx Advisors Inc. raised its position in shares of The Southern by 69.3% in the second quarter. FDx Advisors Inc. now owns 11,299 shares of the utilities provider’s stock valued at $586,000 after purchasing an additional 4,627 shares during the period. WASHINGTON TRUST Co grew its stake in The Southern by 68.5% in the 3rd quarter. WASHINGTON TRUST Co now owns 7,541 shares of the utilities provider’s stock valued at $409,000 after buying an additional 3,066 shares during the last quarter. Nordea Investment Management AB raised its holdings in The Southern by 1,658.7% in the 2nd quarter. Nordea Investment Management AB now owns 2,964,098 shares of the utilities provider’s stock worth $152,652,000 after acquiring an additional 2,795,556 shares during the period. Exane Derivatives acquired a new position in The Southern during the 3rd quarter worth $478,000. Finally, DekaBank Deutsche Girozentrale lifted its position in The Southern by 79.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 189,715 shares of the utilities provider’s stock worth $10,069,000 after acquiring an additional 83,834 shares during the last quarter. 57.29% of the stock is currently owned by institutional investors and hedge funds.
In other The Southern news, EVP Christopher C. Womack sold 5,930 shares of the stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $58.00, for a total transaction of $343,940.00. Following the sale, the executive vice president now owns 12,228 shares of the company’s stock, valued at approximately $709,224. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen E. Kuczynski sold 2,500 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the sale, the chief executive officer now owns 71,996 shares of the company’s stock, valued at approximately $3,959,780. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,721 shares of company stock worth $1,026,040. 0.39% of the stock is owned by corporate insiders.
The Southern (NYSE:SO) last announced its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.02). The firm had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $6.29 billion. The Southern had a net margin of 15.83% and a return on equity of 10.47%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.34 earnings per share. On average, equities analysts forecast that The Southern Company will post 3.16 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Monday, November 16th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend is Friday, November 13th. The Southern’s payout ratio is currently 82.32%.
SO has been the topic of a number of recent analyst reports. Barclays lifted their price objective on The Southern from $61.00 to $73.00 and gave the stock an “overweight” rating in a research note on Wednesday. UBS Group dropped their price target on The Southern from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 1st. KeyCorp increased their price objective on The Southern from $65.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, October 19th. Mizuho boosted their target price on shares of The Southern from $48.00 to $53.00 in a research report on Wednesday, October 28th. Finally, Morgan Stanley increased their price target on shares of The Southern from $60.00 to $62.00 and gave the company an “underweight” rating in a report on Tuesday, November 17th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $63.43.
The Southern Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.
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