Bank of Nova Scotia Trust Co. Cuts 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. lowered its position in South Bow Corporation (NYSE:SOBO - Free Report) by 42.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,735 shares of the company's stock after selling 20,846 shares during the quarter. Bank of Nova Scotia Trust Co.'s holdings in South Bow were worth $733,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC purchased a new position in South Bow in the 4th quarter worth $461,249,000. Capital International Investors purchased a new position in shares of South Bow during the 4th quarter valued at about $315,469,000. Price T Rowe Associates Inc. MD purchased a new position in shares of South Bow during the 4th quarter valued at about $290,786,000. Vanguard Group Inc. purchased a new position in shares of South Bow during the 4th quarter valued at about $206,467,000. Finally, Bank of Montreal Can purchased a new position in shares of South Bow during the 4th quarter valued at about $126,068,000.

South Bow Price Performance

SOBO stock traded down $0.02 during trading on Wednesday, hitting $26.70. The stock had a trading volume of 121,517 shares, compared to its average volume of 845,992. South Bow Corporation has a twelve month low of $21.12 and a twelve month high of $27.60. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.29 and a quick ratio of 1.20. The stock has a market capitalization of $5.56 billion and a P/E ratio of 14.44. The company's 50-day moving average price is $26.32 and its two-hundred day moving average price is $25.52.

South Bow (NYSE:SOBO - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The business 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% compared to the same quarter last year. As a group, research analysts predict that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.50 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 7.5%. South Bow's dividend payout ratio (DPR) is 108.11%.

Analyst Ratings Changes

SOBO has been the subject of a number of recent research reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $38.00 price objective on shares of South Bow in a research note on Monday, May 19th. CIBC lifted their price objective on South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $28.80.

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.