CIBC Asset Management Inc Raises Stake in Southern Co (SO)

CIBC Asset Management Inc lifted its position in Southern Co (NYSE:SO) by 74.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 276,644 shares of the utilities provider’s stock after buying an additional 117,844 shares during the quarter. CIBC Asset Management Inc’s holdings in Southern were worth $14,295,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SO. Sontag Advisory LLC bought a new stake in shares of Southern in the 4th quarter valued at approximately $25,000. Tompkins Financial Corp bought a new stake in Southern during the first quarter worth approximately $28,000. Lee Financial Co boosted its position in Southern by 144.4% during the first quarter. Lee Financial Co now owns 550 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 325 shares during the period. Ellis Investment Partners LLC bought a new stake in Southern during the first quarter worth approximately $29,000. Finally, Vigilant Capital Management LLC bought a new stake in Southern during the fourth quarter worth approximately $30,000. 56.59% of the stock is owned by institutional investors and hedge funds.

In other Southern news, Director Henry A. Clark III acquired 2,000 shares of Southern stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of $50.19 per share, with a total value of $100,380.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $100,380. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William P. Bowers sold 233,477 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $51.29, for a total value of $11,975,035.33. Following the completion of the sale, the chief executive officer now directly owns 354,212 shares of the company’s stock, valued at $18,167,533.48. The disclosure for this sale can be found here. Insiders sold 267,249 shares of company stock valued at $13,714,078 over the last three months. 0.73% of the stock is owned by company insiders.

Shares of Southern stock opened at $53.63 on Thursday. Southern Co has a 12-month low of $42.42 and a 12-month high of $54.14. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.88 and a quick ratio of 0.69. The company has a market cap of $56.28 billion, a price-to-earnings ratio of 17.47, a P/E/G ratio of 3.97 and a beta of 0.21.

Southern (NYSE:SO) last posted its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.70 earnings per share for the quarter, meeting the consensus estimate of $0.70. Southern had a return on equity of 10.37% and a net margin of 15.03%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business earned $0.88 earnings per share. Southern’s revenue for the quarter was down 15.1% compared to the same quarter last year. As a group, equities analysts predict that Southern Co will post 3.03 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Monday, May 20th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.62%. This is a boost from Southern’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, May 17th. Southern’s dividend payout ratio is currently 78.18%.

A number of equities research analysts have issued reports on SO shares. Citigroup raised Southern from a “sell” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $50.00 in a research report on Thursday, January 24th. reaffirmed a “sell” rating on shares of Southern in a research report on Wednesday, February 13th. reaffirmed a “sell” rating on shares of Southern in a research report on Wednesday, February 13th. SunTrust Banks reaffirmed a “hold” rating and set a $52.00 target price on shares of Southern in a research report on Monday, February 25th. Finally, ValuEngine raised Southern from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $48.15.

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Southern Profile

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.

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Institutional Ownership by Quarter for Southern (NYSE:SO)

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