Magellan Asset Management Ltd Purchases 47,355 Shares of Southern Company (The) $SO

Magellan Asset Management Ltd boosted its position in Southern Company (The) (NYSE:SO) by 11.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 450,612 shares of the utilities provider’s stock after purchasing an additional 47,355 shares during the quarter. Magellan Asset Management Ltd’s holdings in Southern were worth $39,293,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its holdings in Southern by 3.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 180,107 shares of the utilities provider’s stock valued at $15,705,000 after acquiring an additional 5,768 shares in the last quarter. Verus Capital Partners LLC raised its holdings in Southern by 71.7% in the 4th quarter. Verus Capital Partners LLC now owns 4,108 shares of the utilities provider’s stock valued at $358,000 after acquiring an additional 1,716 shares in the last quarter. Cibc World Market Inc. raised its holdings in Southern by 406.9% in the 4th quarter. Cibc World Market Inc. now owns 136,455 shares of the utilities provider’s stock valued at $11,899,000 after acquiring an additional 109,538 shares in the last quarter. Lido Advisors LLC raised its holdings in Southern by 1.3% in the 4th quarter. Lido Advisors LLC now owns 96,299 shares of the utilities provider’s stock valued at $9,064,000 after acquiring an additional 1,202 shares in the last quarter. Finally, REAP Financial Group LLC raised its holdings in Southern by 16.1% in the 4th quarter. REAP Financial Group LLC now owns 1,865 shares of the utilities provider’s stock valued at $163,000 after acquiring an additional 258 shares in the last quarter. 64.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on SO shares. Mizuho set a $105.00 price objective on Southern in a report on Friday, May 1st. Wells Fargo & Company set a $96.00 price objective on Southern and gave the company an “equal weight” rating in a report on Friday, February 20th. Truist Financial dropped their price objective on Southern from $103.00 to $100.00 and set a “hold” rating for the company in a report on Friday, May 29th. Scotiabank lifted their price objective on Southern from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Friday, February 20th. Finally, Morgan Stanley reissued an “underweight” rating and set a $87.00 price target on shares of Southern in a report on Thursday, May 21st. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $99.38.

Insiders Place Their Bets

In related news, CEO Kimberly S. Greene sold 25,000 shares of the business’s stock in a transaction on Monday, March 30th. The stock was sold at an average price of $96.67, for a total transaction of $2,416,750.00. Following the sale, the chief executive officer owned 103,602 shares in the company, valued at $10,015,205.34. The trade was a 19.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christopher Cummiskey sold 6,669 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $96.55, for a total value of $643,891.95. Following the sale, the executive vice president owned 30,800 shares in the company, valued at $2,973,740. This represents a 17.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.16% of the company’s stock.

Southern Price Performance

Southern stock opened at $91.58 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.45 and a current ratio of 0.65. Southern Company has a 52 week low of $83.80 and a 52 week high of $100.83. The stock has a market capitalization of $103.24 billion, a P/E ratio of 23.30, a price-to-earnings-growth ratio of 2.73 and a beta of 0.34. The stock has a fifty day moving average of $94.30 and a 200-day moving average of $91.82.

Southern (NYSE:SO) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. Southern had a return on equity of 12.64% and a net margin of 14.46%.The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.07 billion. During the same quarter in the previous year, the firm earned $1.23 EPS. Southern’s revenue was up 8.0% on a year-over-year basis. On average, sell-side analysts expect that Southern Company will post 4.58 earnings per share for the current fiscal year.

Southern Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, May 18th will be given a dividend of $0.76 per share. The ex-dividend date is Monday, May 18th. This represents a $3.04 dividend on an annualized basis and a yield of 3.3%. This is an increase from Southern’s previous quarterly dividend of $0.74. Southern’s dividend payout ratio is presently 77.35%.

Southern Profile

Southern Company (NYSE: SO) is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.

Southern’s principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.