CIBC World Markets Inc. raised its stake in Southern Co. (NYSE:SO) by 44.8% during the third quarter, Holdings Channel reports. The firm owned 75,715 shares of the company’s stock after buying an additional 23,418 shares during the period. CIBC World Markets Inc.’s holdings in Southern were worth $3,884,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of SO. Panagora Asset Management Inc. raised its position in Southern by 13.3% in the first quarter. Panagora Asset Management Inc. now owns 83,563 shares of the company’s stock worth $4,323,000 after buying an additional 9,807 shares in the last quarter. First Republic Investment Management Inc. raised its position in Southern by 12.9% in the first quarter. First Republic Investment Management Inc. now owns 46,588 shares of the company’s stock worth $2,410,000 after buying an additional 5,339 shares in the last quarter. Barnett & Company Inc. purchased a new position in Southern during the first quarter worth approximately $155,000. Boothbay Fund Management LLC purchased a new position in Southern during the first quarter worth approximately $251,000. Finally, Iowa State Bank raised its position in Southern by 34.3% in the second quarter. Iowa State Bank now owns 16,005 shares of the company’s stock worth $858,000 after buying an additional 4,085 shares in the last quarter. Hedge funds and other institutional investors own 50.49% of the company’s stock.
Shares of Southern Co. (NYSE:SO) traded up 1.11% on Monday, reaching $48.31. 5,546,455 shares of the company traded hands. The stock has a market cap of $47.34 billion, a price-to-earnings ratio of 18.14 and a beta of 0.07. The stock has a 50 day moving average of $49.60 and a 200 day moving average of $51.19. Southern Co. has a 52-week low of $43.72 and a 52-week high of $54.64.
Southern (NYSE:SO) last issued its earnings results on Monday, October 31st. The company reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.11. Southern had a net margin of 14.14% and a return on equity of 12.69%. The firm earned $6.26 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the firm earned $1.17 earnings per share. The business’s quarterly revenue was up 16.0% on a year-over-year basis. On average, analysts expect that Southern Co. will post $2.90 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Monday, November 21st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend is Thursday, November 17th. Southern’s payout ratio is presently 83.27%.
A number of equities analysts recently commented on the stock. Jefferies Group reaffirmed a “hold” rating on shares of Southern in a research note on Thursday, August 4th. SunTrust Banks Inc. decreased their target price on shares of Southern from $53.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, August 29th. Finally, Zacks Investment Research lowered shares of Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, October 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $53.50.
Southern Company Profile
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.