In this article, we will take a look at the top 10 electric utility dividend stocks to buy. For a detailed analysis of these companies, go directly to the Top 10 Electric Utility Dividend Stocks to Buy.
Best Electric Utility Dividend Stocks to Buy
5. The Southern Company (NYSE: SO)
Number of Hedge Fund Holders: 32
Total Value of Hedge Fund Holdings: $400 Million
Dividend Yield as of May 19: 4.10%
Ranking 5th in our list of the top 10 electric utility dividend stocks to buy is The Southern Company (NYSE:SO). The Georgia-based American gas and electric utility company services over 9 million customers through their subsidiaries. The company operates over 2,935 megawatts of solar generating capacity. One of The Southern Company’s major acquisitions was in 2016. The company acquired PowerSecure, an energy technology company, to increase its customer base, extend its size, and broaden the scale of its market. On April 19, the company raised its dividend by 8 cents per share which marked the 20th year in a row that Southern Company increased its common stock dividend.
The Southern Company (NYSE:SO) has a market cap of $67.9 billion and earnings in the first quarter of 2021 of $1.14 billion. On May 18, Morgan Stanley maintained Underweight on Southern Company and lowered the price target to $61.
There were 32 hedge funds that reported owning stakes in The Southern Company (NYSE:SO) at the end of the fourth quarter, up from 25 funds a quarter earlier. The total value of these stakes at the end of Q4 is $400 million.