Jennison Associates LLC Grows Stock Position in Southern Company (The) $SO

Jennison Associates LLC boosted its holdings in Southern Company (The) (NYSE:SO) by 20.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,930,415 shares of the utilities provider’s stock after buying an additional 334,152 shares during the period. Jennison Associates LLC’s holdings in Southern were worth $186,324,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SO. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Southern by 2.9% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 7,389 shares of the utilities provider’s stock worth $713,000 after acquiring an additional 210 shares during the period. Quadrant Private Wealth Management LLC grew its holdings in Southern by 8.3% in the first quarter. Quadrant Private Wealth Management LLC now owns 3,225 shares of the utilities provider’s stock valued at $311,000 after purchasing an additional 247 shares during the period. Ranch Capital Advisors Inc. grew its holdings in Southern by 6.7% in the first quarter. Ranch Capital Advisors Inc. now owns 30,143 shares of the utilities provider’s stock valued at $2,909,000 after purchasing an additional 1,884 shares during the period. Heartland Bank & Trust Co increased its position in Southern by 303.7% during the first quarter. Heartland Bank & Trust Co now owns 9,446 shares of the utilities provider’s stock worth $912,000 after purchasing an additional 7,106 shares during the last quarter. Finally, Gryphon Financial Partners LLC increased its position in Southern by 11.4% during the first quarter. Gryphon Financial Partners LLC now owns 2,943 shares of the utilities provider’s stock worth $284,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Southern Price Performance

SO opened at $95.33 on Friday. Southern Company has a 52-week low of $83.80 and a 52-week high of $100.83. The company has a 50 day moving average of $94.19 and a two-hundred day moving average of $93.40. The company has a market cap of $107.47 billion, a P/E ratio of 24.26, a P/E/G ratio of 2.88 and a beta of 0.34. The company has a quick ratio of 0.45, a current ratio of 0.65 and a debt-to-equity ratio of 1.68.

Southern (NYSE:SO) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.11. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.07 billion. Southern had a net margin of 14.46% and a return on equity of 12.64%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 EPS. On average, analysts expect that Southern Company will post 4.58 earnings per share for the current year.

Southern Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Monday, May 18th were given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.2%. This is a boost from Southern’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend was Monday, May 18th. Southern’s dividend payout ratio is 77.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SO. Jefferies Financial Group set a $99.00 price target on shares of Southern in a report on Monday, June 22nd. Citigroup reaffirmed a “buy” rating on shares of Southern in a research report on Friday, April 10th. Raymond James Financial reiterated an “outperform” rating and issued a $104.00 target price on shares of Southern in a report on Friday, May 1st. Truist Financial lowered their price target on Southern from $103.00 to $100.00 and set a “hold” rating for the company in a research report on Friday, May 29th. Finally, Morgan Stanley restated an “underweight” rating and set a $89.00 price target on shares of Southern in a research note on Wednesday, June 24th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $99.91.

About Southern

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.