2,111,584 Shares in South Bow Co. (NYSE:SOBO) Acquired by Bank of America Corp DE

Bank of America Corp DE acquired a new stake in shares of South Bow Co. (NYSE:SOBO - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,111,584 shares of the company's stock, valued at approximately $49,770,000. Bank of America Corp DE owned about 1.02% of South Bow as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SOBO. Roxbury Financial LLC acquired a new position in shares of South Bow during the 4th quarter worth approximately $29,000. Wiser Advisor Group LLC acquired a new position in shares of South Bow during the 4th quarter worth approximately $27,000. BNP Paribas Financial Markets purchased a new stake in shares of South Bow during the 4th quarter valued at approximately $29,000. Assetmark Inc. purchased a new stake in shares of South Bow during the 4th quarter valued at approximately $33,000. Finally, Sit Investment Associates Inc. purchased a new stake in shares of South Bow during the 4th quarter valued at approximately $34,000.

Analysts Set New Price Targets

SOBO has been the topic of several analyst reports. National Bankshares lifted their price target on shares of South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Scotiabank lifted their price target on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Wolfe Research lowered shares of South Bow from an "outperform" rating to a "peer perform" rating in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, March 7th. Finally, CIBC lowered South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price on the stock. in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $26.25.

South Bow Trading Down 4.4%

Shares of SOBO stock traded down $1.13 during trading hours on Friday, hitting $24.80. The company's stock had a trading volume of 950,949 shares, compared to its average volume of 879,497. The business has a fifty day moving average of $25.03 and a 200-day moving average of $24.75. The stock has a market cap of $5.16 billion and a price-to-earnings ratio of 13.40. South Bow Co. has a twelve month low of $21.16 and a twelve month high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $498.00 million during the quarter, compared to analyst estimates of $527.00 million. The company's revenue was down 8.5% compared to the same quarter last year. On average, equities analysts expect that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 8.07%. South Bow's dividend payout ratio (DPR) is currently 108.11%.

About South Bow

South Bow Corp is a strategic liquids pipeline company. It is a new liquids-focused midstream infrastructure company. South Bow Corp is based in Canada.