Concord Asset Management LLC VA Sells 9,657 Shares of Southern Company (The) $SO

Concord Asset Management LLC VA cut its holdings in Southern Company (The) (NYSE:SO) by 21.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,847 shares of the utilities provider’s stock after selling 9,657 shares during the quarter. Concord Asset Management LLC VA’s holdings in Southern were worth $3,302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Southern by 1.6% during the second quarter. Vanguard Group Inc. now owns 105,904,243 shares of the utilities provider’s stock valued at $9,725,187,000 after acquiring an additional 1,694,066 shares in the last quarter. Geode Capital Management LLC raised its holdings in Southern by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 26,006,919 shares of the utilities provider’s stock worth $2,377,494,000 after purchasing an additional 241,572 shares in the last quarter. Norges Bank purchased a new stake in shares of Southern in the 2nd quarter worth about $1,179,715,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Southern by 1.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,768,667 shares of the utilities provider’s stock valued at $621,567,000 after purchasing an additional 87,891 shares in the last quarter. Finally, Laurel Wealth Advisors LLC increased its position in shares of Southern by 9,099.6% during the second quarter. Laurel Wealth Advisors LLC now owns 4,421,331 shares of the utilities provider’s stock valued at $406,011,000 after buying an additional 4,373,271 shares during the period. Institutional investors own 64.10% of the company’s stock.

Southern Stock Down 1.0%

Shares of NYSE:SO opened at $90.14 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.59 and a debt-to-equity ratio of 1.69. The stock has a fifty day simple moving average of $87.52 and a two-hundred day simple moving average of $91.50. Southern Company has a 12-month low of $83.09 and a 12-month high of $100.83. The stock has a market capitalization of $99.25 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 2.75 and a beta of 0.45.

Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, February 17th. Southern’s payout ratio is currently 73.27%.

Analysts Set New Price Targets

Several analysts have commented on SO shares. TD Cowen restated a “buy” rating on shares of Southern in a report on Thursday, December 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Southern in a research report on Wednesday, January 21st. Wells Fargo & Company lowered Southern from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $97.00 to $84.00 in a research report on Tuesday, January 20th. BTIG Research initiated coverage on Southern in a research note on Tuesday, October 21st. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on Southern from $104.00 to $93.00 and set a “neutral” rating for the company in a research report on Monday, December 15th. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $94.91.

Southern Company Profile

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.