Southern (NYSE:SO) Given New $77.00 Price Target at Wells Fargo & Company

Southern (NYSE:SO) had its price target hoisted by Wells Fargo & Company from $72.00 to $77.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

SO has been the topic of several other reports. Mizuho lifted their price objective on Southern from $73.00 to $76.00 and gave the company a buy rating in a research report on Tuesday, April 2nd. UBS Group lowered Southern from a buy rating to a neutral rating and dropped their price target for the company from $78.00 to $76.00 in a research report on Thursday, April 4th. BMO Capital Markets reiterated an outperform rating and issued a $76.00 price objective (up previously from $72.00) on shares of Southern in a report on Monday, April 1st. Bank of America boosted their target price on shares of Southern from $70.00 to $73.00 and gave the company a neutral rating in a report on Tuesday, April 23rd. Finally, Barclays increased their price target on shares of Southern from $65.00 to $66.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $74.71.

Southern Trading Up 0.7 %

SO traded up $0.52 during midday trading on Friday, reaching $75.85. 4,578,202 shares of the company’s stock traded hands, compared to its average volume of 5,244,740. Southern has a 52 week low of $61.56 and a 52 week high of $75.98. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.77 and a quick ratio of 0.56. The firm has a fifty day moving average of $70.22 and a two-hundred day moving average of $69.58. The stock has a market capitalization of $83.03 billion, a price-to-earnings ratio of 19.60, a P/E/G ratio of 4.72 and a beta of 0.48.

Southern (NYSE:SO) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.13. Southern had a net margin of 16.74% and a return on equity of 12.11%. The business had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $6.59 billion. During the same quarter in the previous year, the business posted $0.79 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that Southern will post 3.99 earnings per share for the current fiscal year.

Southern Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Monday, May 20th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Friday, May 17th. This is an increase from Southern’s previous quarterly dividend of $0.70. Southern’s dividend payout ratio (DPR) is presently 72.35%.

Insider Activity

In other Southern news, EVP Christopher Cummiskey sold 899 shares of Southern stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $67.06, for a total value of $60,286.94. Following the completion of the sale, the executive vice president now owns 22,502 shares of the company’s stock, valued at approximately $1,508,984.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Southern news, EVP Christopher Cummiskey sold 899 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $67.06, for a total value of $60,286.94. Following the transaction, the executive vice president now directly owns 22,502 shares of the company’s stock, valued at $1,508,984.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen E. Kuczynski sold 5,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $68.92, for a total transaction of $344,600.00. Following the sale, the chief executive officer now directly owns 126,528 shares of the company’s stock, valued at approximately $8,720,309.76. The disclosure for this sale can be found here. Insiders sold 20,025 shares of company stock valued at $1,424,402 over the last three months. Insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On Southern

Several institutional investors and hedge funds have recently bought and sold shares of SO. Cornell Pochily Investment Advisors Inc. grew its stake in shares of Southern by 0.9% during the 1st quarter. Cornell Pochily Investment Advisors Inc. now owns 16,141 shares of the utilities provider’s stock valued at $1,158,000 after acquiring an additional 144 shares during the period. Insigneo Advisory Services LLC increased its stake in shares of Southern by 3.1% in the third quarter. Insigneo Advisory Services LLC now owns 4,883 shares of the utilities provider’s stock worth $316,000 after purchasing an additional 146 shares in the last quarter. Good Life Advisors LLC raised its position in shares of Southern by 0.8% during the 4th quarter. Good Life Advisors LLC now owns 19,956 shares of the utilities provider’s stock valued at $1,399,000 after purchasing an additional 149 shares during the period. Insight Inv LLC lifted its stake in shares of Southern by 1.4% during the 4th quarter. Insight Inv LLC now owns 10,530 shares of the utilities provider’s stock valued at $738,000 after buying an additional 150 shares in the last quarter. Finally, Patten & Patten Inc. TN increased its stake in Southern by 0.7% in the 4th quarter. Patten & Patten Inc. TN now owns 20,736 shares of the utilities provider’s stock worth $1,454,000 after buying an additional 150 shares in the last quarter. 64.10% of the stock is currently owned by hedge funds and other institutional investors.

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.