QRG Capital Management Inc. Sells 5,900 Shares of The Southern Company (NYSE:SO)

QRG Capital Management Inc. lessened its holdings in shares of The Southern Company (NYSE:SO) by 6.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,558 shares of the utilities provider’s stock after selling 5,900 shares during the period. QRG Capital Management Inc.’s holdings in Southern were worth $6,425,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Graham Capital Management L.P. purchased a new stake in Southern in the third quarter worth $230,000. Diversified Trust Co increased its stake in shares of Southern by 3.2% in the 4th quarter. Diversified Trust Co now owns 15,053 shares of the utilities provider’s stock worth $1,056,000 after acquiring an additional 471 shares in the last quarter. Pure Financial Advisors LLC purchased a new position in Southern during the 4th quarter valued at about $232,000. Wedmont Private Capital boosted its position in shares of Southern by 22.0% in the 4th quarter. Wedmont Private Capital now owns 11,341 shares of the utilities provider’s stock worth $818,000 after purchasing an additional 2,048 shares in the last quarter. Finally, Daymark Wealth Partners LLC grew its stake in shares of Southern by 0.9% in the 4th quarter. Daymark Wealth Partners LLC now owns 32,402 shares of the utilities provider’s stock worth $2,272,000 after buying an additional 297 shares during the last quarter. 64.10% of the stock is owned by hedge funds and other institutional investors.

Southern Stock Performance

Shares of SO traded up $1.31 during trading hours on Wednesday, hitting $82.43. The stock had a trading volume of 1,192,057 shares, compared to its average volume of 4,485,398. The firm has a market capitalization of $90.13 billion, a PE ratio of 20.96, a PEG ratio of 2.88 and a beta of 0.51. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.92 and a quick ratio of 0.65. The Southern Company has a 12 month low of $61.56 and a 12 month high of $82.84. The stock has a fifty day moving average price of $78.58 and a 200 day moving average price of $72.98.

Southern (NYSE:SO) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.13. Southern had a return on equity of 12.07% and a net margin of 16.74%. The business had revenue of $6.65 billion during the quarter, compared to the consensus estimate of $6.59 billion. During the same period in the previous year, the company posted $0.79 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts anticipate that The Southern Company will post 4 EPS for the current year.

Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Monday, August 19th will be given a $0.72 dividend. The ex-dividend date is Monday, August 19th. This represents a $2.88 annualized dividend and a yield of 3.49%. Southern’s payout ratio is presently 74.42%.

Insider Activity

In related news, CEO Anthony L. Wilson sold 6,900 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 85,309 shares of the company’s stock, valued at approximately $6,620,831.49. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Southern news, EVP Sloane N. Drake sold 12,000 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $77.61, for a total value of $931,320.00. Following the completion of the sale, the executive vice president now owns 16,771 shares in the company, valued at approximately $1,301,597.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anthony L. Wilson sold 6,900 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $77.61, for a total value of $535,509.00. Following the completion of the transaction, the chief executive officer now directly owns 85,309 shares of the company’s stock, valued at approximately $6,620,831.49. The disclosure for this sale can be found here. Insiders sold a total of 28,026 shares of company stock valued at $2,151,644 in the last 90 days. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Bank of America lifted their price objective on Southern from $73.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 31st. Morgan Stanley cut their price target on shares of Southern from $74.00 to $71.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. Wells Fargo & Company boosted their price objective on shares of Southern from $72.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Argus increased their target price on Southern from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Finally, Scotiabank decreased their price target on Southern from $80.00 to $77.00 and set a “sector outperform” rating for the company in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Southern currently has an average rating of “Hold” and an average target price of $76.50.

Southern 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.