Shares of The Southern Company (NYSE:SO) acquired by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

VaselineSeptember 25, 2024

0 5 minutes read

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of The Southern Company (NYSE:SO – Free Report) by 60.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 208,996 shares of the utilities provider’s stock after purchasing an additional 78,373 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Southern were worth $16,212,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SO. Vanguard Group Inc. grew its position in shares of Southern by 0.5% in the first quarter. Vanguard Group Inc. now owns 100,089,634 shares of the utilities provider’s stock worth $7,180,430,000 after purchasing an additional 481,071 shares in the last quarter. Capital International Investors boosted its holdings in shares of Southern by 45.9% in the first quarter. Capital International Investors now owns 23,994,733 shares of the utilities provider’s stock valued at $1,721,382,000 after purchasing an additional 7,550,570 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Southern by 36.0% in the 4th quarter. Wellington Management Group LLP now owns 3,529,052 shares of the utilities provider’s stock valued at $247,457,000 after buying an additional 934,447 shares during the period. Raymond James & Associates boosted its holdings in shares of Southern by 21.3% in the second quarter. Raymond James & Associates now owns 2,572,230 shares of the utilities provider’s stock valued at $199,528,000 after acquiring an additional 452,075 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in Southern by 2.1% in the second quarter. Envestnet Asset Management Inc. now owns 2,542,113 shares of the utilities provider’s stock worth $197,192,000 after purchasing an additional 51,751 shares during the period. 64.10% of the shares are currently held by hedge funds and other institutional investors.

Southern trading down 0.9%

Shares of SO stock opened at $89.73 on Wednesday. Southern Company has a twelve month low of $61.56 and a twelve month high of $90.85. The firm has a market cap of $98.11 billion, a P/E ratio of 23.19, a price-to-earnings-growth ratio of 3.24 and a beta of 0.52. The company has a current ratio of 0.91, a quick ratio of 0.66, and a debt-to-equity ratio of 1.66. The stock’s fifty-day simple moving average is $86.58, and its 200-day simple moving average is $79.25.

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Southern (NYSE:SO – Get Your Free Report ) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.19. Southern had a return on equity of 12.88% and a net margin of 17.67%. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same period last year, the business posted EPS of $0.79. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities research analysts forecast that The Southern Company will post 4.02 earnings per share for the current year.

Southern announces dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Monday, August 19th were given a $0.72 dividend. This represents an annualized dividend of $2.88 and a dividend yield of 3.21%. The ex-dividend date was Monday, August 19. Southern’s payout ratio is currently 74.42%.

The Wall Street analyst weighs in

Several research analysts have weighed in on the company. Scotiabank lifted their price target on Southern from $87.00 to $96.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Jefferies Financial Group assumed coverage on shares of Southern in a research report on Friday, September 20th. They set a “hold” rating and a $94.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Southern from $80.00 to $87.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Goldman Sachs Group boosted their target price on shares of Southern from $83.00 to $94.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, UBS Group boosted their price objective on Southern from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. Southern presently has an average rating of “Hold” and an average price target of $86.33, based on data from MarketBeat.com.

Get our latest analysis on SO

Indoor activity

In related news, CEO Anthony L. Wilson sold 6,900 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $77.61, for a total value of $535,509.00. Following the completion of the sale, the chief executive officer now directly owns 85,309 shares in the company, valued at approximately $6,620,831.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website. In other news, CEO Anthony L. Wilson sold 6,900 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $77.61, for a total value of $535,509.00. Following the completion of the transaction, the chief executive officer now owns 85,309 shares in the company, valued at approximately $6,620,831.49. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, EVP Bryan D. Anderson sold 6,565 shares of Southern stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $89.54, for a total transaction of $587,830.10. Following the sale, the executive vice president now owns 44,467 shares in the company, valued at approximately $3,981,575.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,845 shares of company stock worth $2,266,455. Company insiders own 0.18% of the company’s shares.

Southern company profile

(Free Report)

The Southern Company, through its subsidiaries, engages in the generation, transmission and distribution of electricity. The company also develops, builds, 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 providing gas trading services, gas distribution operations and gas pipeline investment operations.