Wells Fargo & Company MN Sells 2,782,671 Shares of Southern Company (The) (SO)
Wells Fargo & Company MN reduced its holdings in shares of Southern Company (The) (NYSE:SO) by 20.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,563,463 shares of the utilities provider’s stock after selling 2,782,671 shares during the period. Wells Fargo & Company MN owned about 1.05% of Southern worth $519,088,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Chicago Partners Investment Group LLC purchased a new stake in shares of Southern in the 2nd quarter valued at approximately $100,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Southern in the 3rd quarter valued at approximately $105,000. Monroe Bank & Trust MI increased its position in shares of Southern by 17.9% in the 2nd 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 last quarter. AlphaMark Advisors LLC increased its position in shares of Southern by 0.6% in the 2nd 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 last quarter. Finally, Barnett & Company Inc. increased its position in shares of Southern by 25.0% in the 2nd 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 last quarter. 53.78% of the stock is currently owned by hedge funds and other institutional investors.
SO has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Southern from a “hold” rating to a “sell” rating in a research report on Monday, September 11th. Guggenheim raised shares of Southern from a “neutral” rating to a “buy” rating and increased their price objective for the company from $49.00 to $56.00 in a research report on Thursday, September 14th. Mizuho raised shares of Southern from a “neutral” rating to a “buy” rating and set a $53.00 price objective on the stock in a research report on Tuesday, September 5th. SunTrust Banks reissued a “hold” rating and issued a $52.00 price objective on shares of Southern in a research report on Friday, October 20th. Finally, KeyCorp reissued a “hold” rating on shares of Southern in a research report on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $49.92.
Southern (NYSE:SO) last issued its earnings results on Wednesday, November 1st. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $6.20 billion during the quarter, compared to analysts’ expectations of $6.16 billion. Southern had a net margin of 2.59% and a return on equity of 10.81%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.27 EPS. sell-side analysts expect that Southern Company will post 2.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 6th. Investors of record on Monday, November 20th were paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date of this dividend was Friday, November 17th. Southern’s dividend payout ratio is currently 414.29%.
In related news, VP James Y. Kerr II sold 25,000 shares of the stock in a transaction on Friday, October 20th. The shares were sold at an average price of $52.16, for a total transaction of $1,304,000.00. Following the completion of the sale, the vice president now owns 26,000 shares in the company, valued at approximately $1,356,160. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ann P. Daiss sold 5,000 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $52.28, for a total transaction of $261,400.00. Following the sale, the insider now owns 7,394 shares of the company’s stock, valued at approximately $386,558.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 213,813 shares of company stock valued at $11,029,988. 1.00% of the stock is owned by company insiders.
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Southern Company Profile
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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