Legal & General Group Plc Sells 171,800 Shares of Southern Company (The) $SO

Legal & General Group Plc decreased its holdings in Southern Company (The) (NYSE:SO) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,246,984 shares of the utilities provider’s stock after selling 171,800 shares during the period. Legal & General Group Plc owned about 0.75% of Southern worth $757,321,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Ameriflex Group Inc. increased its stake in Southern by 275.0% in the 2nd quarter. Ameriflex Group Inc. now owns 300 shares of the utilities provider’s stock worth $27,000 after buying an additional 220 shares during the period. Cheviot Value Management LLC bought a new position in Southern in the 1st quarter worth about $28,000. Advantage Trust Co increased its position in shares of Southern by 1,428.6% during the second quarter. Advantage Trust Co now owns 321 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 300 shares during the period. Financial Connections Group Inc. bought a new stake in shares of Southern during the first quarter valued at approximately $33,000. Finally, Accredited Wealth Management LLC purchased a new stake in shares of Southern in the first quarter valued at approximately $36,000. 64.10% of the stock is owned by hedge funds and other institutional investors.

Southern Stock Down 0.6%

NYSE:SO opened at $88.51 on Friday. Southern Company has a fifty-two week low of $80.46 and a fifty-two week high of $100.83. The stock has a market capitalization of $97.46 billion, a P/E ratio of 22.75, a P/E/G ratio of 3.31 and a beta of 0.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.54 and a current ratio of 0.74. The company’s 50-day simple moving average is $93.97 and its 200-day simple moving average is $92.45.

Southern (NYSE:SO) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.51 by $0.09. Southern had a net margin of 15.10% and a return on equity of 12.09%. The firm had revenue of $7.82 billion during the quarter, compared to analyst estimates of $8.04 billion. During the same quarter in the previous year, the business posted $1.39 EPS. Southern’s revenue was up 7.5% on a year-over-year basis. On average, equities analysts anticipate that Southern Company will post 4.29 earnings per share for the current fiscal year.

Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Monday, November 17th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, November 17th. Southern’s dividend payout ratio is currently 73.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SO shares. Barclays lowered their target price on Southern from $98.00 to $91.00 and set an “equal weight” rating for the company in a report on Thursday. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $102.50 target price (up from $99.50) on shares of Southern in a report on Friday, October 17th. BTIG Research began coverage on shares of Southern in a report on Tuesday, October 21st. They issued a “neutral” rating for the company. Wells Fargo & Company started coverage on shares of Southern in a research note on Monday, October 27th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Scotiabank reissued a “sector perform” rating and set a $99.00 price objective on shares of Southern in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $99.03.

Southern Profile

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.