Asset Dedication LLC Sells 5,034 Shares of The Southern Company (NYSE:SO)

Asset Dedication LLC lessened its stake in The Southern Company (NYSE:SO) by 34.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,606 shares of the utilities provider’s stock after selling 5,034 shares during the quarter. Asset Dedication LLC’s holdings in Southern were worth $866,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SO. Vanguard Group Inc. raised its position in shares of Southern by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 100,089,634 shares of the utilities provider’s stock valued at $7,180,430,000 after acquiring an additional 481,071 shares during the period. Capital International Investors grew its holdings in shares of Southern by 45.9% in the 1st quarter. Capital International Investors now owns 23,994,733 shares of the utilities provider’s stock valued at $1,721,382,000 after buying an additional 7,550,570 shares during the period. Wellington Management Group LLP increased its position in shares of Southern by 36.0% in the 4th quarter. Wellington Management Group LLP now owns 3,529,052 shares of the utilities provider’s stock valued at $247,457,000 after buying an additional 934,447 shares in the last quarter. Raymond James & Associates raised its stake in Southern by 21.3% during the 2nd quarter. Raymond James & Associates now owns 2,572,230 shares of the utilities provider’s stock worth $199,528,000 after buying an additional 452,075 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in Southern by 2.1% during the second quarter. Envestnet Asset Management Inc. now owns 2,542,113 shares of the utilities provider’s stock worth $197,192,000 after acquiring an additional 51,751 shares in the last quarter. Institutional investors and hedge funds own 64.10% of the company’s stock.

Southern Stock Performance

Shares of NYSE SO opened at $92.27 on Thursday. The stock has a market capitalization of $100.89 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 3.16 and a beta of 0.52. The Southern Company has a 52 week low of $64.53 and a 52 week high of $92.46. The stock has a 50 day moving average price of $88.56 and a 200 day moving average price of $81.41. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.66 and a current ratio of 0.91.

Southern (NYSE:SO) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.19. Southern had a net margin of 17.67% and a return on equity of 12.88%. The firm had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.10 billion. During the same period in the prior year, the firm posted $0.79 earnings per share. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Analysts predict that The Southern Company will post 4.02 earnings per share for the current fiscal year.

Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Monday, November 18th. Southern’s payout ratio is presently 74.42%.

Wall Street Analysts Forecast Growth

SO has been the subject of several recent analyst reports. Jefferies Financial Group began coverage on Southern in a report on Friday, September 20th. They issued a “hold” rating and a $94.00 price target for the company. Bank of America raised their target price on shares of Southern from $86.00 to $87.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. upped their price target 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 raised their price objective on shares of Southern from $71.00 to $83.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, UBS Group upped their target price on shares of Southern from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $89.07.

Insider Activity at Southern

In other Southern news, EVP Sterling A. Jr. Spainhour sold 2,380 shares of Southern stock in a transaction on Monday, August 5th. The shares were sold at an average price of $88.99, for a total transaction of $211,796.20. Following the completion of the transaction, the executive vice president now directly owns 12,500 shares of the company’s stock, valued at $1,112,375. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Bryan D. Anderson sold 6,565 shares of Southern stock in a transaction on Friday, September 6th. The stock was sold at an average price of $89.54, for a total transaction of $587,830.10. Following the completion of the sale, the executive vice president now owns 44,467 shares of the company’s stock, valued at approximately $3,981,575.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sterling A. Jr. Spainhour sold 2,380 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $88.99, for a total transaction of $211,796.20. Following the completion of the transaction, the executive vice president now owns 12,500 shares in the company, valued at $1,112,375. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,945 shares of company stock worth $3,488,826. 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.