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Stan Connally, the Executive Vice President and Chief Operating Officer of Southern Co (NYSE:SO), recently sold a significant portion of his holdings in the company. The utility giant, currently valued at over $100 billion, has seen its stock surge 33.8% over the past year and is trading near its 52-week high. According to a Form 4 filing with the Securities and Exchange Commission, Connally sold 12,500 shares of Southern Co’s common stock on March 31, 2025. The shares were sold at a weighted average price of approximately $92.24, amounting to a total transaction value of $1.15 million.
Following this transaction, Connally holds 149,419 shares directly. Additionally, he retains indirect ownership of 14,938.8471 shares through a 401(k) plan. The sale was executed under a pre-arranged trading plan, as indicated in the filing.
In other recent news, Southern Company announced the issuance of $1.8 billion in junior subordinated notes, with a fixed-to-fixed reset rate due in 2055. This financial move, facilitated by a consortium of banks, is expected to support general corporate purposes, including infrastructure investment and debt repayment. Additionally, Southern Company has appointed Walt Farrell as the new CEO of Atlanta Gas Light and Chattanooga Gas, effective March 31, reflecting a strategic leadership change to address growing energy demands in the southern United States.
Southern Company has also elected James O. Etheredge as an independent director to its Board of Directors, effective April 1, 2025. Etheredge brings extensive experience from his previous role as CEO - North America of Accenture plc (NYSE:ACN). In terms of stock evaluations, BofA Securities raised Southern Company’s price target to $96 while maintaining a neutral rating, citing the company’s strong earnings stream and operational track record.
Mizuho (NYSE:MFG) Securities also adjusted its outlook, increasing the price target to $90, following Southern Company’s announcement of a $62.8 billion capital investment plan for 2025-2029. This plan is expected to boost rate base growth and earnings per share. Despite these enhancements, Mizuho maintains a neutral rating, noting the stock’s current valuation aligns with market expectations.
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