Bank of America Corp DE Raises Stock Position in South Bow Corporation $SOBO

Key Points

• Bank of America increased its South Bow stake by 23.3% in the first quarter, adding 376,108 shares to own 1.99 million shares worth approximately $66.4 million, or 0.96% of the company.
• South Bow’s latest quarterly results exceeded expectations, with EPS of $0.50 versus the $0.45 consensus and revenue of $546 million versus estimates of $496.9 million.
• Analysts have an overall “Hold” rating and an average price target of $32.14, while South Bow announced a $0.50 quarterly dividend, equivalent to a 5.6% annualized yield.

Bank of America Corp DE boosted its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 23.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,993,768 shares of the company's stock after purchasing an additional 376,108 shares during the period. Bank of America Corp DE owned approximately 0.96% of South Bow worth $66,432,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new position in shares of South Bow during the 1st quarter valued at $85,000. Amundi purchased a new stake in South Bow during the first quarter valued at $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in South Bow by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company's stock valued at $5,079,000 after acquiring an additional 29,542 shares during the last quarter. Acadian Asset Management LLC bought a new position in South Bow in the first quarter valued at about $885,000. Finally, Geode Capital Management LLC lifted its holdings in South Bow by 7.5% in the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company's stock valued at $4,499,000 after acquiring an additional 11,984 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. TD Securities restated a "hold" rating on shares of South Bow in a research note on Thursday, July 16th. BMO Capital Markets reiterated a "market perform" rating on shares of South Bow in a research note on Monday, July 6th. Raymond James Financial initiated coverage on shares of South Bow in a report on Tuesday, June 9th. They issued an "outperform" rating on the stock. Jefferies Financial Group restated a "buy" rating on shares of South Bow in a research report on Thursday, May 28th. Finally, National Bank Financial upped their target price on shares of South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $32.14.

South Bow Price Performance

Shares of South Bow stock opened at $35.94 on Tuesday. The stock has a market cap of $7.50 billion, a P/E ratio of 16.26 and a beta of 0.15. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.44 and a current ratio of 1.52. The stock's fifty day moving average is $36.61 and its 200 day moving average is $34.12. South Bow Corporation has a one year low of $25.01 and a one year high of $38.94.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to analyst estimates of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. Sell-side analysts anticipate that South Bow Corporation will post 1.81 earnings per share for the current year.

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.6%. South Bow's payout ratio is 90.50%.

South Bow Company Profile

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.

Want to see what other hedge funds are holding SOBO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for South Bow Corporation (NYSE:SOBO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source