Pennsylvania Trust Co Sells 14,805 Shares of Southern Co (SO)
Pennsylvania Trust Co lowered its stake in Southern Co (NYSE:SO) by 53.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,758 shares of the utilities provider’s stock after selling 14,805 shares during the period. Pennsylvania Trust Co’s holdings in Southern were worth $822,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of SO. KMG Fiduciary Partners LLC bought a new position in Southern in the 1st quarter valued at approximately $337,000. Steinberg Global Asset Management lifted its position in Southern by 511.9% in the 1st quarter. Steinberg Global Asset Management now owns 122,835 shares of the utilities provider’s stock valued at $5,486,000 after acquiring an additional 102,760 shares in the last quarter. Welch Group LLC lifted its position in Southern by 1.6% in the 1st quarter. Welch Group LLC now owns 587,450 shares of the utilities provider’s stock valued at $30,359,000 after acquiring an additional 9,533 shares in the last quarter. TIAA FSB lifted its position in Southern by 3.9% in the 1st quarter. TIAA FSB now owns 46,569 shares of the utilities provider’s stock valued at $2,407,000 after acquiring an additional 1,754 shares in the last quarter. Finally, First Command Bank lifted its position in Southern by 4.8% in the 1st quarter. First Command Bank now owns 7,857 shares of the utilities provider’s stock valued at $406,000 after acquiring an additional 360 shares in the last quarter. Institutional investors own 56.89% of the company’s stock.
SO has been the topic of several analyst reports. Zacks Investment Research raised Southern from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Saturday, January 5th. ValuEngine raised Southern from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. SunTrust Banks reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Southern in a research report on Monday, January 7th. Guggenheim reaffirmed a “hold” rating and issued a $44.00 price objective on shares of Southern in a research report on Monday, January 7th. Finally, Citigroup raised Southern from a “sell” rating to a “neutral” rating and upped their price objective for the company from $45.00 to $50.00 in a research report on Thursday, January 24th. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $47.15.
Southern (NYSE:SO) last released its quarterly earnings results on Wednesday, February 20th. The utilities provider reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.02. The firm had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $4.88 billion. Southern had a return on equity of 11.39% and a net margin of 9.54%. The company’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. As a group, analysts forecast that Southern Co will post 3.03 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Monday, May 20th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 4.77%. This is a boost from Southern’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, May 17th. Southern’s dividend payout ratio is presently 78.18%.
In other news, CEO Stephen E. Kuczynski sold 7,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $51.68, for a total transaction of $361,760.00. Following the transaction, the chief executive officer now directly owns 77,772 shares of the company’s stock, valued at approximately $4,019,256.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Henry A. Clark III purchased 2,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were purchased at an average cost of $50.19 per share, for a total transaction of $100,380.00. Following the completion of the acquisition, the director now directly owns 2,000 shares in the company, valued at $100,380. The disclosure for this purchase can be found here. Insiders have sold a total of 383,341 shares of company stock worth $19,342,988 over the last three months. Insiders own 0.73% of the company’s stock.
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The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. 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, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.
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