Gateway Investment Advisers LLC Trims Stake in Southern Co (SO)
Gateway Investment Advisers LLC trimmed its holdings in Southern Co (NYSE:SO) by 1.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,340 shares of the utilities provider’s stock after selling 1,833 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Southern were worth $5,596,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Sabal Trust CO boosted its position in shares of Southern by 2.0% in the third quarter. Sabal Trust CO now owns 375,089 shares of the utilities provider’s stock valued at $16,354,000 after acquiring an additional 7,353 shares during the period. Andra AP fonden lifted its position in Southern by 47.2% in the third quarter. Andra AP fonden now owns 77,300 shares of the utilities provider’s stock worth $3,370,000 after purchasing an additional 24,800 shares during the period. First Hawaiian Bank bought a new position in Southern in the third quarter worth $331,000. Hills Bank & Trust Co. bought a new position in Southern in the third quarter worth $262,000. Finally, MainStreet Investment Advisors LLC lifted its position in Southern by 3.7% in the third quarter. MainStreet Investment Advisors LLC now owns 68,478 shares of the utilities provider’s stock worth $2,986,000 after purchasing an additional 2,418 shares during the period. 57.35% of the stock is owned by institutional investors.
Several research analysts recently commented on the company. Credit Suisse Group cut Southern from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $46.00 to $43.00 in a research report on Thursday, August 9th. Scotiabank reaffirmed a “hold” rating and issued a $44.00 target price on shares of Southern in a research report on Thursday, August 9th. Guggenheim cut Southern from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $50.00 to $47.00 in a research report on Wednesday, August 8th. Bank of America reduced their target price on Southern from $47.00 to $46.00 and set an “underperform” rating for the company in a research report on Wednesday, August 22nd. Finally, Deutsche Bank cut Southern from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a research report on Tuesday, June 26th. Seven investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $46.04.
Shares of NYSE SO opened at $44.30 on Friday. The firm has a market cap of $44.22 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 3.26 and a beta of -0.05. Southern Co has a 52-week low of $42.38 and a 52-week high of $53.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.68.
Southern (NYSE:SO) last issued its quarterly earnings data on Wednesday, August 8th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.11. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Southern had a return on equity of 13.06% and a net margin of 9.96%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the business earned $0.73 earnings per share. As a group, sell-side analysts predict that Southern Co will post 2.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Monday, November 19th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, November 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.42%. Southern’s payout ratio is presently 79.47%.
Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. 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, New Jersey, Florida, Tennessee, and Maryland, as well as provides gas marketing services, wholesale gas services, and gas midstream operations.
Further Reading: Do You Need a Fiduciary?
Receive News & Ratings for Southern Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southern and related companies with MarketBeat.com's FREE daily email newsletter.