Rithm Capital Corp. Acquires 6,500 Shares of Southern Company (The) $SO

Rithm Capital Corp. grew its stake in Southern Company (The) (NYSE:SO) by 130.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,500 shares of the utilities provider’s stock after purchasing an additional 6,500 shares during the quarter. Southern comprises approximately 1.6% of Rithm Capital Corp.’s holdings, making the stock its 23rd largest holding. Rithm Capital Corp.’s holdings in Southern were worth $1,110,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Evergreen Advisors LLC bought a new stake in Southern in the first quarter valued at about $25,000. Scarborough Advisors LLC bought a new position in Southern during the first quarter worth about $25,000. Ankerstar Wealth LLC acquired a new position in shares of Southern during the 4th quarter worth about $25,000. Triumph Capital Management acquired a new position in shares of Southern during the 3rd quarter worth about $29,000. Finally, Cornerstone Financial Management LLC bought a new stake in shares of Southern in the 4th quarter valued at about $27,000. 64.10% of the stock is currently owned by institutional investors.

Southern Stock Performance

Shares of SO stock opened at $96.45 on Tuesday. Southern Company has a 12 month low of $83.80 and a 12 month high of $100.83. The company’s fifty day simple moving average is $94.49 and its 200-day simple moving average is $93.80. The firm has a market cap of $108.73 billion, a PE ratio of 24.54, a P/E/G ratio of 1.90 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 released its earnings results on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.11. Southern had a net margin of 14.46% and a return on equity of 12.64%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.07 billion. During the same quarter last year, the firm earned $1.23 earnings per share. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities research analysts expect that Southern Company will post 4.58 EPS for the current fiscal year.

Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, August 17th. Southern’s dividend payout ratio is currently 77.35%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group set a $99.00 price target on shares of Southern in a research report on Monday, June 22nd. BMO Capital Markets increased their target price on Southern from $102.00 to $104.00 and gave the stock an “outperform” rating in a research note on Monday. Mizuho set a $105.00 target price on shares of Southern in a report on Friday, May 1st. JPMorgan Chase & Co. lifted their price target on shares of Southern from $101.00 to $104.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $104.00 price target on shares of Southern in a report on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Southern has an average rating of “Hold” and a consensus price target of $100.21.

Southern 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.