Sheets Smith Wealth Management Lowers Holdings in The Southern Company (NYSE:SO)

Sheets Smith Wealth Management cut its holdings in shares of The Southern Company (NYSE:SO) by 0.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,672 shares of the utilities provider’s stock after selling 117 shares during the quarter. Sheets Smith Wealth Management’s holdings in Southern were worth $1,233,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Southern by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 100,089,634 shares of the utilities provider’s stock worth $7,180,430,000 after purchasing an additional 481,071 shares in the last quarter. Capital International Investors grew its position in shares of Southern by 45.9% during the first quarter. Capital International Investors now owns 23,994,733 shares of the utilities provider’s stock worth $1,721,382,000 after buying an additional 7,550,570 shares in the last quarter. Raymond James & Associates increased its stake in shares of Southern by 5.7% during the third quarter. Raymond James & Associates now owns 2,718,040 shares of the utilities provider’s stock worth $245,113,000 after buying an additional 145,810 shares during the period. Envestnet Asset Management Inc. raised its holdings in Southern by 2.1% in the second quarter. Envestnet Asset Management Inc. now owns 2,542,113 shares of the utilities provider’s stock valued at $197,192,000 after acquiring an additional 51,751 shares in the last quarter. Finally, National Pension Service lifted its stake in Southern by 13.0% in the third quarter. National Pension Service now owns 2,420,890 shares of the utilities provider’s stock worth $218,316,000 after acquiring an additional 279,304 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Southern Stock Performance

NYSE SO opened at $88.64 on Friday. The business’s 50-day moving average price is $89.93 and its 200 day moving average price is $83.75. The company has a quick ratio of 0.66, a current ratio of 0.91 and a debt-to-equity ratio of 1.66. The firm has a market cap of $97.12 billion, a P/E ratio of 20.61, a P/E/G ratio of 3.11 and a beta of 0.52. The Southern Company has a 52-week low of $65.80 and a 52-week high of $94.45.

Southern (NYSE:SO) last announced its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.10. The company had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.14 billion. Southern had a net margin of 17.87% and a return on equity of 12.78%. Southern’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 EPS. On average, equities research analysts expect that The Southern Company will post 4.04 earnings per share for the current year.

Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.25%. The ex-dividend date is Monday, November 18th. Southern’s payout ratio is 66.98%.

Wall Street Analysts Forecast Growth

SO has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Southern from $80.00 to $87.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Barclays lifted their price target on Southern from $71.00 to $83.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. UBS Group raised their target price on Southern from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Wolfe Research downgraded Southern from an “outperform” rating to a “peer perform” rating in a report on Friday, August 2nd. Finally, BMO Capital Markets cut their price objective on shares of Southern from $99.00 to $97.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Southern presently has a consensus rating of “Hold” and an average target price of $89.27.

Insider Transactions at Southern

In related news, EVP Bryan D. Anderson sold 6,565 shares of Southern stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $89.54, for a total value of $587,830.10. Following the sale, the executive vice president now directly owns 44,467 shares in the company, valued at $3,981,575.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Bryan D. Anderson sold 6,565 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $89.54, for a total value of $587,830.10. Following the completion of the sale, the executive vice president now owns 44,467 shares in the company, valued at $3,981,575.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Y. Kerr II sold 30,000 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $89.64, for a total transaction of $2,689,200.00. Following the transaction, the chief executive officer now owns 145,088 shares in the company, valued at $13,005,688.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

About Southern

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.