Toronto Dominion Bank Purchases Shares of 2,061,352 South Bow Co. (NYSE:SOBO)

Toronto Dominion Bank bought a new position in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,061,352 shares of the company's stock, valued at approximately $48,580,000. Toronto Dominion Bank owned about 0.99% of South Bow as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mutual Advisors LLC acquired a new position in South Bow in the 4th quarter worth approximately $517,000. Rhumbline Advisers acquired a new stake in shares of South Bow in the fourth quarter worth $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of South Bow during the fourth quarter valued at $6,787,000. US Bancorp DE acquired a new position in South Bow during the fourth quarter valued at $373,000. Finally, Assetmark Inc. purchased a new stake in South Bow in the 4th quarter worth about $33,000.

South Bow Trading Up 0.7%

South Bow stock traded up $0.17 during mid-day trading on Thursday, hitting $25.95. 429,698 shares of the company's stock were exchanged, compared to its average volume of 871,078. South Bow Co. has a 1-year low of $21.16 and a 1-year high of $27.60. The stock has a 50 day moving average of $25.00 and a two-hundred day moving average of $24.77. The stock has a market cap of $5.40 billion and a P/E ratio of 14.03.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The company had revenue of $498.00 million for the quarter, compared to analyst estimates of $527.00 million. South Bow's revenue for the quarter was down 8.5% on a year-over-year basis. As a group, research analysts predict that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.71%. The ex-dividend date of this dividend is Monday, June 30th. South Bow's dividend payout ratio is 108.11%.

Analyst Ratings Changes

Several equities analysts have weighed in on SOBO shares. JPMorgan Chase & Co. started coverage on South Bow in a research note on Friday, March 28th. They set a "neutral" rating and a $28.00 target price on the stock. CIBC downgraded shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price for the company. in a research report on Friday, March 7th. Scotiabank upped their price target on shares of South Bow from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, March 7th. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a research report on Friday, March 7th. Finally, National Bankshares upped their target price on South Bow from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $28.60.

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.