PCM Encore LLC Acquires New Stake in Southern Company (The) $SO

PCM Encore LLC acquired a new stake in shares of Southern Company (The) (NYSE:SO) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 9,101 shares of the utilities provider’s stock, valued at approximately $871,000.

Several other hedge funds have also added to or reduced their stakes in SO. Evergreen Advisors LLC purchased a new position in shares of Southern in the 1st quarter worth about $25,000. Scarborough Advisors LLC purchased a new stake in Southern during the 1st quarter valued at about $25,000. Ankerstar Wealth LLC purchased a new stake in Southern during the 4th quarter valued at about $25,000. Triumph Capital Management bought a new stake in Southern during the 3rd quarter valued at about $29,000. Finally, Cornerstone Financial Management LLC bought a new stake in Southern during the 4th quarter valued at about $27,000. 64.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

SO has been the topic of several analyst reports. Truist Financial dropped their target price on shares of Southern from $100.00 to $97.00 and set a “hold” rating on the stock in a research note on Thursday, August 13th. Morgan Stanley reissued an “underweight” rating on shares of Southern in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Southern from $101.00 to $104.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Wall Street Zen cut Southern from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Barclays cut their target price on Southern from $99.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 18th. Seven investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Southern currently has a consensus rating of “Hold” and a consensus price target of $100.09.

Southern Price Performance

SO opened at $91.47 on Friday. The company’s 50-day simple moving average is $94.62 and its two-hundred day simple moving average is $94.44. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.59 and a current ratio of 0.79. The stock has a market capitalization of $105.22 billion, a P/E ratio of 21.94, a P/E/G ratio of 1.77 and a beta of 0.34. Southern Company has a 52-week low of $83.80 and a 52-week high of $100.83.

Southern (NYSE:SO) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.12. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm had revenue of $6.98 billion during the quarter, compared to analyst estimates of $7.23 billion. During the same period in the previous year, the business posted $0.79 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. As a group, analysts predict that Southern Company will post 4.58 EPS for the current year.

Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, August 17th. Southern’s payout ratio is 72.90%.

About Southern

Southern Company (NYSE: SO) is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.

Southern’s principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.