Salem Capital Management Inc. reduced its position in Southern Co. (NYSE:SO) by 9.1% during the third quarter, Holdings Channel reports. The institutional investor owned 7,950 shares of the company’s stock after selling 800 shares during the period. Salem Capital Management Inc.’s holdings in Southern were worth $408,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the company. Panagora Asset Management Inc. raised its stake in Southern by 13.3% in the first quarter. Panagora Asset Management Inc. now owns 83,563 shares of the company’s stock valued at $4,323,000 after buying an additional 9,807 shares in the last quarter. First Republic Investment Management Inc. raised its stake in Southern by 12.9% in the first quarter. First Republic Investment Management Inc. now owns 46,588 shares of the company’s stock valued at $2,410,000 after buying an additional 5,339 shares in the last quarter. Barnett & Company Inc. purchased a new stake in Southern during the first quarter valued at $155,000. Boothbay Fund Management LLC purchased a new stake in Southern during the first quarter valued at $251,000. Finally, Iowa State Bank raised its stake in Southern by 34.3% in the second quarter. Iowa State Bank now owns 16,005 shares of the company’s stock valued at $858,000 after buying an additional 4,085 shares in the last quarter. Hedge funds and other institutional investors own 50.21% of the company’s stock.
Southern Co. (NYSE:SO) traded up 1.16% on Friday, hitting $47.78. The stock had a trading volume of 2,486,224 shares. Southern Co. has a 52-week low of $43.72 and a 52-week high of $54.64. The company has a 50-day moving average price of $49.60 and a 200 day moving average price of $51.19. The firm has a market cap of $46.82 billion, a PE ratio of 17.94 and a beta of 0.07.
Southern (NYSE:SO) last released its quarterly earnings data on Monday, October 31st. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $3.41 billion. Southern had a return on equity of 12.69% and a net margin of 14.14%. Southern’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the business posted $1.17 EPS. Equities analysts forecast that Southern Co. will post $2.90 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Monday, November 21st will be issued a dividend of $0.56 per share. The ex-dividend date is Thursday, November 17th. This represents a $2.24 annualized dividend and a yield of 4.69%. Southern’s payout ratio is currently 83.27%.
SO has been the topic of several research reports. Zacks Investment Research upgraded Southern from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Tuesday, September 27th. Jefferies Group restated a “hold” rating on shares of Southern in a research report on Thursday, August 4th. Finally, SunTrust Banks Inc. lifted their price target on Southern from $52.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, September 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $53.50.
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional operating companies and Southern Power Company (Southern Power), and owns other direct and indirect subsidiaries. Southern Company’s segments include the sale of electricity by four traditional operating companies, Southern Power and All Other.