Southern Company (The) $SO Shares Bought by Saudi Central Bank

Saudi Central Bank raised its position in Southern Company (The) (NYSE:SO) by 94.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,911 shares of the utilities provider’s stock after purchasing an additional 38,268 shares during the quarter. Saudi Central Bank’s holdings in Southern were worth $7,553,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Evergreen Advisors LLC purchased a new position in Southern in the first quarter valued at approximately $25,000. Scarborough Advisors LLC purchased a new stake in Southern during the first quarter worth approximately $25,000. Ankerstar Wealth LLC purchased a new stake in Southern during the fourth quarter worth approximately $25,000. Cornerstone Financial Management LLC acquired a new stake in shares of Southern in the fourth quarter worth $27,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Southern in the fourth quarter worth $27,000. 64.10% of the stock is owned by institutional investors and hedge funds.

Southern Price Performance

Shares of SO stock opened at $87.90 on Friday. The firm has a fifty day simple moving average of $93.40 and a 200-day simple moving average of $94.26. The company has a market capitalization of $101.12 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 2.35 and a beta of 0.33. Southern Company has a twelve month low of $83.80 and a twelve month high of $100.83. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 1.62.

Southern (NYSE:SO) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.12. The firm had revenue of $6.98 billion for the quarter, compared to the consensus estimate of $7.23 billion. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 EPS. Equities research analysts anticipate that Southern Company will post 4.59 earnings per share for the current fiscal year.

Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 17th will be paid a $0.76 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.04 annualized dividend and a dividend yield of 3.5%. Southern’s payout ratio is 72.90%.

Wall Street Analysts Forecast Growth

SO has been the topic of several recent research reports. KeyCorp lowered shares of Southern from a “sector weight” rating to an “underweight” rating and set a $79.00 target price on the stock. in a report on Thursday, July 23rd. Mizuho set a $106.00 price target on Southern in a report on Friday, July 31st. Barclays cut their price objective on Southern from $99.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 18th. Truist Financial reduced their price objective on Southern from $100.00 to $97.00 and set a “hold” rating on the stock in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. upped their target price on Southern from $101.00 to $104.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Southern presently has an average rating of “Hold” and a consensus target price of $100.09.

About Southern

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.