Maryland State Retirement & Pension System Sells 11,318 Shares of South Bow Corporation $SOBO

Key Points

• Maryland State Retirement & Pension System has reduced its stake in South Bow Corporation by 4.3%, selling 11,318 shares, and now holds 253,568 shares valued at approximately $6.59 million.
• Analysts have mixed views on South Bow Corporation, with ratings ranging from "Strong Buy" to "Sell," and an average target price of $29.20 established for the stock.
• The company recently announced a quarterly dividend of $0.50 per share, which translates to an annualized yield of 7.3%, although its payout ratio stands at 108.11%.

Maryland State Retirement & Pension System reduced its position in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 4.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 253,568 shares of the company's stock after selling 11,318 shares during the period. Maryland State Retirement & Pension System owned 0.12% of South Bow worth $6,591,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SOBO. Louisbourg Investments Inc. bought a new stake in shares of South Bow during the 1st quarter worth $31,000. Cubist Systematic Strategies LLC acquired a new position in South Bow during the 1st quarter valued at $85,000. Advisors Asset Management Inc. raised its stake in South Bow by 80.4% during the 1st quarter. Advisors Asset Management Inc. now owns 7,922 shares of the company's stock valued at $202,000 after purchasing an additional 3,531 shares during the last quarter. Cerity Partners LLC acquired a new position in South Bow during the 1st quarter valued at $211,000. Finally, Ewing Morris & Co. Investment Partners Ltd. raised its stake in South Bow by 20.6% during the 1st quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 8,297 shares of the company's stock valued at $212,000 after purchasing an additional 1,419 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts recently commented on SOBO shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $27.00 target price on shares of South Bow in a research note on Thursday, August 21st. Weiss Ratings reiterated a "buy (b-)" rating on shares of South Bow in a research note on Wednesday. National Bankshares upped their target price on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. Finally, CIBC increased their price objective on shares of South Bow from $27.00 to $28.00 and gave the company a "neutral" rating in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $29.20.

South Bow Trading Down 3.0%

Shares of SOBO stock opened at $27.58 on Friday. South Bow Corporation has a 52-week low of $21.16 and a 52-week high of $29.19. The stock has a market cap of $5.74 billion and a price-to-earnings ratio of 14.91. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28. The firm has a fifty day moving average of $27.77 and a 200-day moving average of $26.37.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. On average, equities research analysts forecast that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.3%. 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.

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