Bank of Nova Scotia Trust Co. Lowers Stock Holdings in South Bow Corporation (NYSE:SOBO)

Key Points

• Bank of Nova Scotia Trust Co. reduced its stake in South Bow Corporation by 42%, selling 20,846 shares to lower its holdings to 28,735 shares, valued at approximately $733,000.
• South Bow Corporation has declared a quarterly dividend of $0.50 per share, representing an annualized dividend of $2.00 with a yield of 7.6%.
• Analysts have mixed outlooks on South Bow, with a consensus rating of "Hold" and a target price of $28.80, while some firms expect positive growth potential for the stock.

Bank of Nova Scotia Trust Co. reduced its stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 42.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,735 shares of the company's stock after selling 20,846 shares during the period. Bank of Nova Scotia Trust Co.'s holdings in South Bow were worth $733,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SOBO. FMR LLC acquired a new position in South Bow during the fourth quarter valued at $461,249,000. Capital International Investors acquired a new position in shares of South Bow in the 4th quarter valued at about $315,469,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of South Bow in the fourth quarter worth about $290,786,000. Vanguard Group Inc. purchased a new stake in shares of South Bow in the fourth quarter worth about $206,467,000. Finally, Bank of Montreal Can acquired a new stake in South Bow during the fourth quarter worth about $126,068,000.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. CIBC upped their price objective on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada reissued an "outperform" rating and set a $38.00 price target on shares of South Bow in a report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $28.80.

South Bow Trading Up 1.1%

NYSE:SOBO traded up $0.29 during trading hours on Thursday, hitting $27.25. The company had a trading volume of 326,766 shares, compared to its average volume of 846,673. South Bow Corporation has a 1 year low of $21.12 and a 1 year high of $28.04. The company has a market cap of $5.67 billion and a P/E ratio of 14.73. The company has a 50-day moving average of $26.34 and a 200 day moving average of $25.53. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 2.20.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. The firm had revenue of $524.00 million for the quarter, compared to analysts' expectations of $449.00 million. Sell-side analysts expect that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 7.3%. The ex-dividend date of this dividend was Monday, June 30th. South Bow's dividend payout ratio (DPR) is 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.