Southern Company (The) (SO) Position Cut by California State Teachers Retirement System
California State Teachers Retirement System reduced its holdings in shares of Southern Company (The) (NYSE:SO) by 7.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,697,033 shares of the utilities provider’s stock after selling 143,925 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Southern worth $83,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Chicago Partners Investment Group LLC acquired a new position in shares of Southern in the second quarter valued at about $100,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Southern in the third quarter valued at about $105,000. Monroe Bank & Trust MI increased its holdings in shares of Southern by 17.9% in the second quarter. Monroe Bank & Trust MI now owns 2,300 shares of the utilities provider’s stock valued at $110,000 after purchasing an additional 350 shares during the period. AlphaMark Advisors LLC increased its holdings in shares of Southern by 0.6% in the second quarter. AlphaMark Advisors LLC now owns 2,363 shares of the utilities provider’s stock valued at $113,000 after purchasing an additional 14 shares during the period. Finally, Barnett & Company Inc. increased its holdings in shares of Southern by 25.0% in the second quarter. Barnett & Company Inc. now owns 2,725 shares of the utilities provider’s stock valued at $130,000 after purchasing an additional 545 shares during the period. 53.66% of the stock is currently owned by institutional investors.
SO has been the topic of a number of research reports. Zacks Investment Research lowered Southern from a “hold” rating to a “sell” rating in a report on Monday, September 11th. Jefferies Group reissued a “buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Southern in a report on Tuesday, September 12th. KeyCorp reissued a “hold” rating on shares of Southern in a report on Friday, September 1st. Mizuho raised Southern from a “neutral” rating to a “buy” rating and set a $53.00 price objective on the stock in a report on Tuesday, September 5th. Finally, Bank of America reissued an “underperform” rating and issued a $51.00 price objective on shares of Southern in a report on Tuesday, October 24th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $49.92.
Southern (NYSE:SO) last issued its earnings results on Wednesday, November 1st. The utilities provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Southern had a return on equity of 10.81% and a net margin of 2.59%. The firm had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.16 billion. During the same quarter in the prior year, the business earned $1.27 earnings per share. The company’s revenue was down 1.0% compared to the same quarter last year. research analysts expect that Southern Company will post 2.95 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, December 6th. Stockholders of record on Monday, November 20th were paid a $0.58 dividend. The ex-dividend date was Friday, November 17th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 4.66%. Southern’s payout ratio is 414.29%.
In other Southern news, EVP Christopher C. Womack sold 46,641 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $53.00, for a total transaction of $2,471,973.00. Following the transaction, the executive vice president now owns 56,799 shares in the company, valued at $3,010,347. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William P. Bowers sold 85,151 shares of the stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $50.00, for a total value of $4,257,550.00. The disclosure for this sale can be found here. Insiders sold 213,813 shares of company stock worth $11,029,988 in the last 90 days. Company insiders own 0.74% of the company’s stock.
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional electric operating companies and the parent entities of Southern Power Company (Southern Power) and Southern Company Gas, and owns other direct and indirect subsidiaries. The Company’s segments include Gas distribution operations, Gas marketing services, Wholesale gas services, Gas midstream operations and All other.
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