Summit Global Investments Sells 2,652 Shares of The Southern Company (NYSE:SO)

Summit Global Investments reduced its position in shares of The Southern Company (NYSE:SO) by 21.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,879 shares of the utilities provider’s stock after selling 2,652 shares during the period. Summit Global Investments’ holdings in Southern were worth $693,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Rockline Wealth Management LLC acquired a new position in Southern during the 4th quarter worth approximately $1,945,000. Savant Capital LLC increased its holdings in shares of Southern by 4.3% during the fourth quarter. Savant Capital LLC now owns 65,937 shares of the utilities provider’s stock worth $4,624,000 after buying an additional 2,691 shares in the last quarter. Zullo Investment Group Inc. lifted its stake in shares of Southern by 4.8% in the 4th quarter. Zullo Investment Group Inc. now owns 3,437 shares of the utilities provider’s stock valued at $241,000 after acquiring an additional 157 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Southern by 5.8% during the 4th quarter. Global Retirement Partners LLC now owns 14,856 shares of the utilities provider’s stock valued at $1,045,000 after acquiring an additional 819 shares in the last quarter. Finally, Apella Capital LLC acquired a new position in Southern in the 4th quarter worth about $301,000. Institutional investors and hedge funds own 64.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wells Fargo & Company lifted their price target on Southern from $72.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 target price on shares of Southern in a report on Wednesday, February 21st. BMO Capital Markets restated an “outperform” rating and issued a $76.00 price target (up from $72.00) on shares of Southern in a research report on Monday, April 1st. Mizuho boosted their price objective on shares of Southern from $73.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Finally, Scotiabank lowered their target price on Southern from $80.00 to $77.00 and set a “sector outperform” rating for the company in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Southern presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.71.

Southern Stock Performance

SO stock opened at $75.85 on Friday. The firm has a market cap of $83.03 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 4.75 and a beta of 0.48. The company has a current ratio of 0.77, a quick ratio of 0.56 and a debt-to-equity ratio of 1.62. The stock has a 50-day moving average price of $70.39 and a 200-day moving average price of $69.64. The Southern Company has a 1-year low of $61.56 and a 1-year high of $75.98.

Southern (NYSE:SO) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.13. The business had revenue of $6.65 billion during the quarter, compared to the consensus estimate of $6.59 billion. Southern had a return on equity of 12.11% and a net margin of 16.74%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.79 earnings per share. As a group, equities research analysts expect that The Southern Company will post 3.99 earnings per share for the current year.

Southern Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Monday, May 20th will be paid a $0.72 dividend. This is an increase from Southern’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Friday, May 17th. Southern’s payout ratio is 72.35%.

Insider Activity

In other news, CEO Stephen E. Kuczynski sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $66.94, for a total value of $334,700.00. Following the completion of the sale, the chief executive officer now directly owns 129,552 shares in the company, valued at approximately $8,672,210.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Southern news, EVP Christopher Cummiskey sold 899 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $67.06, for a total value of $60,286.94. Following the transaction, the executive vice president now directly owns 22,502 shares of the company’s stock, valued at $1,508,984.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephen E. Kuczynski sold 5,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $66.94, for a total transaction of $334,700.00. Following the sale, the chief executive officer now directly owns 129,552 shares of the company’s stock, valued at $8,672,210.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,025 shares of company stock worth $1,424,402. Company insiders own 0.18% of the company’s stock.

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.