Norges Bank Takes $1.11 Billion Position in Southern Company (The) $SO

Norges Bank purchased a new stake in Southern Company (The) (NYSE:SO) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 12,745,981 shares of the utilities provider’s stock, valued at approximately $1,111,450,000. Norges Bank owned 1.16% of Southern as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Cloud Capital Management LLC acquired a new position in shares of Southern in the third quarter valued at approximately $25,000. Triumph Capital Management acquired a new position in Southern during the 3rd quarter worth approximately $29,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Southern in the 4th quarter valued at $31,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Southern in the 3rd quarter valued at $35,000. Finally, Legacy Wealth Managment LLC ID acquired a new position in shares of Southern in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 64.10% of the company’s stock.

Insider Activity at Southern

In related news, CEO Kimberly S. Greene sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $96.67, for a total value of $2,416,750.00. Following the transaction, the chief executive officer owned 103,602 shares in the company, valued at approximately $10,015,205.34. This trade represents a 19.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher Cummiskey sold 6,669 shares of Southern stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $96.55, for a total transaction of $643,891.95. Following the sale, the executive vice president owned 30,800 shares in the company, valued at $2,973,740. This represents a 17.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.16% of the company’s stock.

Southern Price Performance

Southern stock opened at $92.06 on Friday. Southern Company has a 12-month low of $83.80 and a 12-month high of $100.83. The stock has a market capitalization of $103.78 billion, a P/E ratio of 23.43, a P/E/G ratio of 2.78 and a beta of 0.36. The firm’s 50-day moving average is $94.61 and its two-hundred day moving average is $91.84. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.65 and a quick ratio of 0.45.

Southern (NYSE:SO) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.11. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.07 billion. Southern had a net margin of 14.46% and a return on equity of 12.64%. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the company earned $1.23 EPS. Equities analysts predict that Southern Company will post 4.58 earnings per share for the current year.

Southern Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, May 18th will be issued a $0.76 dividend. The ex-dividend date is Monday, May 18th. This is a positive change from Southern’s previous quarterly dividend of $0.74. This represents a $3.04 annualized dividend and a yield of 3.3%. Southern’s payout ratio is 77.35%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SO. Scotiabank upped their price target on shares of Southern from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Friday, February 20th. Wells Fargo & Company set a $96.00 price objective on shares of Southern and gave the stock an “equal weight” rating in a research report on Friday, February 20th. Mizuho set a $105.00 price target on shares of Southern in a report on Friday, May 1st. Weiss Ratings upgraded shares of Southern from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $104.00 price target on shares of Southern in a report on Friday, May 1st. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Southern has a consensus rating of “Hold” and an average price target of $99.38.

Southern Profile

Southern Company (NYSE: SO) is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.

Southern’s principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.