Southern Co increases quarterly dividend to $0.72

Southern Company (NYSE: SO) has raised its regular quarterly dividend to $0.72 per share from $0.70 per share previously.

The dividend will be paid on June 6th to shareholders of record as of the close of business on May 20th 2024, the company said.

“Across the Southern Company enterprise, thousands of dedicated employees work tirelessly each day to provide customers with clean, safe, reliable and affordable energy solutions that make their lives better,” Christoper C. Womack, Southern Company’s Chairman, President and CEO, said in a press release.

“Today’s action by the Southern Company board reinforces our time-honored shareholder value proposition of providing regular, predictable and sustainable dividend growth supported by our premier state-regulated utilities and energy infrastructure under long-term contracts.”

Stock Performance

The shares of Southern Company (SO) closed 0.37% ($0.27) higher at $73.25 in New York on Tuesday, as they extended the gains from the previous four market sessions.

The company’s total market cap now stands at $80.182 billion.

The shares of Southern Company (SO) went down 1.81% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The company’s shares have risen 4.46% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 7 out of 13 surveyed investment analysts had rated Southern Company’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $73.67, which translates into a 0.57% upside compared to the closing price on Tuesday.

The high point of the analyst forecast range stands at $82.00.