South Bow Corporation $SOBO Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC reduced its stake in South Bow Corporation by 24.3%, selling 30,946 shares in the 1st quarter, leaving them with 96,447 shares valued at $2,462,000.
• South Bow Corporation declared a quarterly dividend of $0.50 per share, with an annualized dividend yield of 7.2%, despite a high payout ratio of 108.11%.
• Brokerages have set a consensus rating of "Hold" for South Bow, with an average target price of $29.00, following recent updates from National Bankshares and Royal Bank of Canada.

Neuberger Berman Group LLC decreased its stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 24.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,447 shares of the company's stock after selling 30,946 shares during the quarter. Neuberger Berman Group LLC's holdings in South Bow were worth $2,462,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Boston Partners purchased a new stake in South Bow during the 1st quarter worth about $32,840,000. HighTower Advisors LLC increased its holdings in South Bow by 0.4% during the 1st quarter. HighTower Advisors LLC now owns 112,769 shares of the company's stock worth $2,878,000 after purchasing an additional 451 shares during the period. Nuveen LLC purchased a new stake in South Bow during the 1st quarter worth about $4,619,000. Aigen Investment Management LP purchased a new stake in South Bow during the 1st quarter worth about $292,000. Finally, Invesco Ltd. increased its holdings in South Bow by 112.9% during the 1st quarter. Invesco Ltd. now owns 1,619,641 shares of the company's stock worth $41,333,000 after purchasing an additional 858,826 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SOBO. 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 reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. Finally, National Bankshares upped their price objective on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $29.00.

South Bow Stock Performance

NYSE:SOBO traded up $0.4040 during mid-day trading on Wednesday, reaching $28.0740. 454,095 shares of the stock were exchanged, compared to its average volume of 544,033. The company has a 50 day simple moving average of $26.59 and a 200-day simple moving average of $25.76. The stock has a market capitalization of $5.85 billion and a P/E ratio of 15.18. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. South Bow Corporation has a 1 year low of $21.12 and a 1 year high of $28.22.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (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. Analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, 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 7.1%. The ex-dividend date is Monday, September 29th. South Bow's dividend payout ratio (DPR) is currently 108.11%.

South Bow 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.