ING Groep NV Sells 52,079 Shares of Southern Co. (SO)
ING Groep NV reduced its position in Southern Co. (NYSE:SO) by 31.8% during the second quarter, Holdings Channel reports. The institutional investor owned 111,567 shares of the company’s stock after selling 52,079 shares during the period. ING Groep NV’s holdings in Southern were worth $5,983,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the company. Montrusco Bolton Investments Inc. boosted its position in shares of Southern by 0.5% in the second quarter. Montrusco Bolton Investments Inc. now owns 3,880 shares of the company’s stock worth $208,000 after buying an additional 20 shares in the last quarter. Zions Bancorporation boosted its position in shares of Southern by 1.3% in the first quarter. Zions Bancorporation now owns 2,559 shares of the company’s stock worth $132,000 after buying an additional 32 shares in the last quarter. MAI Capital Management boosted its position in shares of Southern by 1.1% in the second quarter. MAI Capital Management now owns 4,234 shares of the company’s stock worth $227,000 after buying an additional 47 shares in the last quarter. Investment House LLC boosted its position in shares of Southern by 1.0% in the second quarter. Investment House LLC now owns 5,562 shares of the company’s stock worth $298,000 after buying an additional 56 shares in the last quarter. Finally, Strategic Advisors LLC boosted its position in shares of Southern by 0.7% in the second quarter. Strategic Advisors LLC now owns 7,930 shares of the company’s stock worth $425,000 after buying an additional 58 shares in the last quarter. 48.64% of the stock is currently owned by hedge funds and other institutional investors.
Southern Co. (NYSE:SO) traded down 1.74% during midday trading on Tuesday, reaching $49.84. The company had a trading volume of 10,301,334 shares. The company has a market cap of $46.93 billion, a PE ratio of 19.79 and a beta of 0.08. Southern Co. has a 52-week low of $43.38 and a 52-week high of $54.64. The company’s 50-day moving average is $51.86 and its 200 day moving average is $51.43.
Southern (NYSE:SO) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The business earned $4.45 billion during the quarter, compared to the consensus estimate of $4.54 billion. Southern had a return on equity of 12.50% and a net margin of 13.77%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.71 earnings per share. On average, equities research analysts forecast that Southern Co. will post $2.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 15th were issued a $0.56 dividend. The ex-dividend date was Thursday, August 11th. This represents a $2.24 annualized dividend and a dividend yield of 4.49%. Southern’s dividend payout ratio (DPR) is currently 87.50%.
A number of brokerages recently weighed in on SO. Jefferies Group reissued a “hold” rating on shares of Southern in a research note on Thursday, August 4th. Mizuho lifted their price target on Southern from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 12th. Argus reissued a “buy” rating on shares of Southern in a research note on Wednesday, June 15th. SunTrust Banks Inc. lifted their price target on Southern from $52.00 to $54.00 and gave the stock a “neutral” rating in a research note on Monday, September 26th. Finally, Goldman Sachs Group Inc. restated a “neutral” rating and set a $54.00 price objective on shares of Southern in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Southern presently has an average rating of “Hold” and an average target price of $53.50.
In other Southern news, EVP Christopher C. Womack sold 46,008 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $53.40, for a total value of $2,456,827.20. Following the completion of the sale, the executive vice president now directly owns 56,149 shares in the company, valued at $2,998,356.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark A. Crosswhite sold 167,273 shares of the stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $53.30, for a total value of $8,915,650.90. Following the completion of the sale, the chief executive officer now owns 171,983 shares of the company’s stock, valued at $9,166,693.90. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.
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.
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