Mechanics Bank Trust Department Sells 990 Shares of The Southern Company (NYSE:SO)

Mechanics Bank Trust Department trimmed its holdings in shares of The Southern Company (NYSE:SO) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,010 shares of the utilities provider’s stock after selling 990 shares during the period. Mechanics Bank Trust Department’s holdings in Southern were worth $2,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Austin Private Wealth LLC increased its holdings in shares of Southern by 11.0% during the 2nd quarter. Austin Private Wealth LLC now owns 4,432 shares of the utilities provider’s stock valued at $344,000 after purchasing an additional 441 shares in the last quarter. Thrive Wealth Management LLC increased its stake in Southern by 3.1% during the second quarter. Thrive Wealth Management LLC now owns 7,812 shares of the utilities provider’s stock worth $606,000 after purchasing an additional 238 shares during the period. Country Trust Bank raised its stake in shares of Southern by 96.5% in the second quarter. Country Trust Bank now owns 7,138 shares of the utilities provider’s stock valued at $554,000 after acquiring an additional 3,505 shares in the last quarter. Gleason Group Inc. raised its stake in Southern by 0.9% in the second quarter. Gleason Group Inc. now owns 16,571 shares of the utilities provider’s stock valued at $1,285,000 after buying an additional 148 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its position in shares of Southern by 6.6% in the 2nd quarter. Diversify Advisory Services LLC now owns 7,985 shares of the utilities provider’s stock valued at $624,000 after buying an additional 496 shares during the last quarter. 64.10% of the stock is currently owned by hedge funds and other institutional investors.

Southern Stock Up 0.4 %

SO stock traded up $0.34 during midday trading on Friday, reaching $86.80. 3,974,010 shares of the company’s stock traded hands, compared to its average volume of 4,522,636. The firm’s fifty day moving average price is $80.59 and its 200-day moving average price is $74.71. The Southern Company has a 52 week low of $61.56 and a 52 week high of $89.68. The company has a market cap of $94.91 billion, a price-to-earnings ratio of 22.43, a P/E/G ratio of 3.10 and a beta of 0.51. The company has a quick ratio of 0.66, a current ratio of 0.91 and a debt-to-equity ratio of 1.66.

Southern (NYSE:SO) last posted its earnings results on Thursday, August 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.19. The business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.10 billion. Southern had a return on equity of 12.88% and a net margin of 17.67%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.79 EPS. As a group, sell-side analysts forecast that The Southern Company will post 4.01 earnings per share for the current fiscal year.

Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Monday, August 19th will be issued a dividend of $0.72 per share. The ex-dividend date is Monday, August 19th. This represents a $2.88 annualized dividend and a dividend yield of 3.32%. Southern’s payout ratio is 74.42%.

Analysts Set New Price Targets

Several research firms have recently commented on SO. Scotiabank upped their price target on Southern from $77.00 to $87.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 2nd. Argus raised their price objective on Southern from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Morgan Stanley dropped their price target on Southern from $74.00 to $71.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Wolfe Research cut Southern from an “outperform” rating to a “peer perform” rating in a report on Friday, August 2nd. Finally, The Goldman Sachs Group increased their price objective on shares of Southern from $83.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Southern presently has an average rating of “Hold” and a consensus price target of $80.93.

Insider Transactions at Southern

In other Southern news, CEO Anthony L. Wilson sold 6,900 shares of Southern stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $77.61, for a total value of $535,509.00. Following the sale, the chief executive officer now owns 85,309 shares of the company’s stock, valued at approximately $6,620,831.49. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, 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 transaction, the executive vice president now owns 12,500 shares in the company, valued at $1,112,375. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Anthony L. Wilson sold 6,900 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $77.61, for a total transaction of $535,509.00. Following the completion of the sale, the chief executive officer now directly owns 85,309 shares in the company, valued at $6,620,831.49. The disclosure for this sale can be found here. Insiders have sold 21,280 shares of company stock worth $1,678,625 in the last quarter. Company insiders own 0.18% of the company’s stock.

Southern Company Profile

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.