Harvest Group Wealth Management LLC bought a new position in shares of Southern Co (NYSE:SO) in the first quarter, HoldingsChannel reports. The institutional investor bought 1,628 shares of the utilities provider’s stock, valued at approximately $84,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Webster Bank N. A. grew its holdings in shares of Southern by 15.3% in the 1st quarter. Webster Bank N. A. now owns 1,509 shares of the utilities provider’s stock valued at $78,000 after acquiring an additional 200 shares in the last quarter. Home Federal Bank of Tennessee grew its holdings in shares of Southern by 1.4% in the 1st quarter. Home Federal Bank of Tennessee now owns 14,242 shares of the utilities provider’s stock valued at $736,000 after acquiring an additional 200 shares in the last quarter. Resources Management Corp CT ADV grew its holdings in shares of Southern by 1.8% in the 4th quarter. Resources Management Corp CT ADV now owns 11,261 shares of the utilities provider’s stock valued at $494,000 after acquiring an additional 201 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Southern by 1.3% in the 1st quarter. Victory Capital Management Inc. now owns 15,156 shares of the utilities provider’s stock valued at $783,000 after acquiring an additional 201 shares in the last quarter. Finally, Delta Asset Management LLC TN grew its holdings in shares of Southern by 1.1% in the 4th quarter. Delta Asset Management LLC TN now owns 18,260 shares of the utilities provider’s stock valued at $802,000 after acquiring an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 56.59% of the company’s stock.
Shares of NYSE:SO opened at $53.63 on Wednesday. Southern Co has a 52-week low of $42.42 and a 52-week high of $54.14. The stock has a market capitalization of $56.28 billion, a P/E ratio of 17.47, a PEG ratio of 3.97 and a beta of 0.21. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.88 and a quick ratio of 0.69.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Monday, May 20th will be paid a $0.62 dividend. This is an increase from Southern’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Friday, May 17th. Southern’s dividend payout ratio (DPR) is 78.18%.
Several brokerages have recently weighed in on SO. Zacks Investment Research cut Southern from a “buy” rating to a “hold” rating in a report on Tuesday. ValuEngine upgraded Southern from a “hold” rating to a “buy” rating in a report on Friday, May 10th. Credit Suisse Group set a $51.00 price objective on Southern and gave the company a “sell” rating in a report on Monday, April 22nd. restated a “sell” rating on shares of Southern in a report on Wednesday, February 13th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $52.00 target price on shares of Southern in a research note on Monday, February 25th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $48.15.
In other Southern news, EVP Christopher C. Womack sold 18,922 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $50.36, for a total transaction of $952,911.92. Following the completion of the sale, the executive vice president now directly owns 10,165 shares in the company, valued at $511,909.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry A. Clark III acquired 2,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average price of $50.19 per share, with a total value of $100,380.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $100,380. The disclosure for this purchase can be found here. Insiders have sold 267,249 shares of company stock valued at $13,714,078 over the last 90 days. Company insiders own 0.73% of the company’s stock.
Southern Company 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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