JPMorgan Chase & Co. Has $5.39 Billion Position in Southern Company (The) $SO

JPMorgan Chase & Co. reduced its stake in Southern Company (The) (NYSE:SO) by 52.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,770,419 shares of the utilities provider’s stock after selling 69,146,349 shares during the period. JPMorgan Chase & Co. owned about 0.06% of Southern worth $5,386,381,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in SO. Empowered Funds LLC boosted its position in Southern by 17.5% during the 1st quarter. Empowered Funds LLC now owns 34,003 shares of the utilities provider’s stock worth $3,127,000 after buying an additional 5,067 shares during the period. Schnieders Capital Management LLC. boosted its position in Southern by 0.7% during the 2nd quarter. Schnieders Capital Management LLC. now owns 59,217 shares of the utilities provider’s stock worth $5,438,000 after buying an additional 393 shares during the period. WINTON GROUP Ltd acquired a new stake in Southern during the 2nd quarter worth approximately $655,000. Sei Investments Co. boosted its position in Southern by 11.5% during the 2nd quarter. Sei Investments Co. now owns 449,960 shares of the utilities provider’s stock worth $41,320,000 after buying an additional 46,504 shares during the period. Finally, Treasurer of the State of North Carolina boosted its position in Southern by 2.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 514,736 shares of the utilities provider’s stock worth $47,268,000 after buying an additional 13,392 shares during the period. 64.10% of the stock is currently owned by institutional investors and hedge funds.

Southern Stock Up 0.1%

Shares of NYSE SO opened at $92.74 on Monday. The company has a market capitalization of $104.54 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 2.80 and a beta of 0.34. Southern Company has a 52-week low of $83.80 and a 52-week high of $100.83. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.45 and a current ratio of 0.65. The company’s 50 day moving average price is $94.26 and its 200-day moving average price is $91.84.

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

Southern Increases Dividend

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

Insider Buying and Selling

In related news, EVP Christopher Cummiskey sold 6,669 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $96.55, for a total transaction of $643,891.95. Following the transaction, the executive vice president owned 30,800 shares in the company, valued at $2,973,740. The trade was a 17.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kimberly S. Greene sold 25,000 shares of the business’s stock in a transaction on Monday, March 30th. The shares were sold at an average price of $96.67, for a total transaction of $2,416,750.00. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. 0.16% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Raymond James Financial reiterated an “outperform” rating and set a $104.00 target price on shares of Southern in a research report on Friday, May 1st. Wells Fargo & Company set a $96.00 target price on shares of Southern and gave the stock an “equal weight” rating in a research report on Friday, February 20th. TD Cowen lifted their target price on shares of Southern from $108.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Evercore upgraded shares of Southern from an “in-line” rating to an “outperform” rating and set a $111.00 target price on the stock in a research report on Thursday, March 5th. Finally, Seaport Research Partners downgraded shares of Southern from a “buy” rating to a “neutral” rating in a research report on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $99.38.

About Southern

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.