Legal & General Group Plc Takes $62.85 Million Position in South Bow Corporation $SOBO

Key Points

• Legal & General acquired 1.78 million South Bow shares worth approximately $62.85 million, giving it a 0.86% stake. Other institutions, including Vanguard and Bank of America, also increased or initiated positions.
• South Bow exceeded quarterly expectations, reporting $0.50 earnings per share versus the $0.45 consensus and revenue of $546 million against estimates of $496.87 million.
• The company declared a quarterly dividend of $0.50 per share, equal to $2.00 annually and a 5.3% yield. Despite several positive analyst actions, the stock carries a consensus “Hold” rating with a $33 price target, below its reported $37.45 share price.

Legal & General Group Plc purchased a new position in South Bow Corporation (NYSE:SOBO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,784,790 shares of the company's stock, valued at approximately $62,849,000. Legal & General Group Plc owned approximately 0.86% of South Bow as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Intact Investment Management Inc. grew its stake in shares of South Bow by 19.6% during the fourth quarter. Intact Investment Management Inc. now owns 964,360 shares of the company's stock worth $26,522,000 after purchasing an additional 158,100 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in South Bow in the first quarter valued at $1,162,000. Bank of America Corp DE raised its stake in South Bow by 23.3% in the first quarter. Bank of America Corp DE now owns 1,993,768 shares of the company's stock valued at $66,432,000 after buying an additional 376,108 shares in the last quarter. First Trust Advisors LP purchased a new stake in South Bow during the 1st quarter worth about $945,000. Finally, Vanguard Group Inc. lifted its holdings in South Bow by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company's stock worth $238,387,000 after buying an additional 118,147 shares during the last quarter.

South Bow Stock Performance

NYSE SOBO opened at $37.45 on Friday. The company has a fifty day moving average of $36.71 and a two-hundred day moving average of $34.96. The company has a market capitalization of $7.81 billion, a PE ratio of 16.95 and a beta of 0.15. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.94. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.52 and a quick ratio of 1.44.

South Bow (NYSE:SOBO - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.05. South Bow had a return on equity of 15.84% and a net margin of 22.99%.The business had revenue of $546.00 million for the quarter, compared to analysts' expectations of $496.87 million. As a group, analysts expect that South Bow Corporation will post 1.87 earnings per share for the current year.

South Bow Dividend Announcement

The company also recently declared 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. This represents a $2.00 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Tuesday, September 29th. South Bow's dividend payout ratio (DPR) is currently 90.50%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SOBO shares. Weiss Ratings upgraded South Bow from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 6th. National Bank Financial upped their price target on South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a report on Monday, June 1st. Raymond James Financial initiated coverage on South Bow in a report on Tuesday, June 9th. They issued an "outperform" rating for the company. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a research note on Monday, August 10th. Finally, Scotiabank raised their price objective on shares of South Bow from $36.00 to $39.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $33.00.

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.

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