Renaissance Technologies LLC Decreases Holdings in Southern Company (The) $SO

Renaissance Technologies LLC cut its stake in shares of Southern Company (The) (NYSE:SO) by 71.5% during the first quarter, HoldingsChannel reports. The firm owned 431,600 shares of the utilities provider’s stock after selling 1,081,800 shares during the quarter. Renaissance Technologies LLC’s holdings in Southern were worth $41,658,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Evergreen Advisors LLC bought a new stake in Southern in the first quarter worth $25,000. Scarborough Advisors LLC bought a new position in Southern during the first quarter valued at $25,000. Ankerstar Wealth LLC purchased a new stake in shares of Southern in the fourth quarter valued at $25,000. Triumph Capital Management bought a new stake in shares of Southern in the 3rd quarter worth about $29,000. Finally, Cornerstone Financial Management LLC purchased a new position in shares of Southern during the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. KeyCorp lowered Southern from a “sector weight” rating to an “underweight” rating and set a $79.00 target price for the company. in a research report on Thursday. Raymond James Financial reiterated an “outperform” rating and issued a $104.00 price target on shares of Southern in a report on Friday, May 1st. Citigroup reissued a “buy” rating on shares of Southern in a research note on Friday, April 10th. 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. Finally, BMO Capital Markets upped their price objective on Southern from $102.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $100.21.

Southern Price Performance

Shares of SO stock opened at $96.45 on Tuesday. Southern Company has a 1-year low of $83.80 and a 1-year high of $100.83. The stock’s 50-day moving average is $94.49 and its 200 day moving average is $93.80. The company has a market cap of $108.73 billion, a P/E ratio of 24.54, a PEG ratio of 1.90 and a beta of 0.34. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.65 and a quick ratio of 0.45.

Southern (NYSE:SO) last announced its 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. The business had revenue of $8.40 billion during 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 firm’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. Research analysts predict that Southern Company will post 4.58 earnings per share for the current fiscal year.

Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be given a $0.76 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.2%. Southern’s payout ratio is presently 77.35%.

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.