The Manufacturers Life Insurance Company Buys Shares of 1,170,452 South Bow Corporation $SOBO

Key Points

• The Manufacturers Life Insurance Company acquired 1.17 million South Bow shares worth approximately $41.2 million, giving it a 0.56% stake. Several other investment firms also increased their positions.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $33, below the stock’s reported $37.81 price.
• South Bow exceeded quarterly expectations, reporting $0.50 earnings per share and $546 million in revenue. The company also declared a quarterly dividend of $0.50 per share, implying a 5.3% annualized yield.

The Manufacturers Life Insurance Company purchased a new position in South Bow Corporation (NYSE:SOBO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,170,452 shares of the company's stock, valued at approximately $41,216,000. The Manufacturers Life Insurance Company owned about 0.56% of South Bow at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SOBO. Parallel Advisors LLC lifted its holdings in South Bow by 140.5% in the 1st quarter. Parallel Advisors LLC now owns 849 shares of the company's stock worth $28,000 after purchasing an additional 496 shares during the last quarter. IFP Advisors Inc boosted its holdings in South Bow by 780.3% during the third quarter. IFP Advisors Inc now owns 1,206 shares of the company's stock valued at $34,000 after acquiring an additional 1,069 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in South Bow by 1,993.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock valued at $35,000 after acquiring an additional 1,276 shares during the period. Clearstead Advisors LLC grew its position in shares of South Bow by 192.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,150 shares of the company's stock valued at $59,000 after purchasing an additional 1,415 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of South Bow in the fourth quarter valued at about $61,000.

Analyst Ratings Changes

SOBO has been the topic of a number of research analyst reports. Raymond James Financial initiated coverage on South Bow in a report on Tuesday, June 9th. They issued an "outperform" rating on the stock. 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 increased their price objective on South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a research report on Monday, June 1st. Wall Street Zen upgraded shares of South Bow from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, TD Securities reaffirmed a "hold" rating on shares of South Bow in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $33.00.

South Bow Price Performance

Shares of SOBO stock opened at $37.81 on Thursday. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.94. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. The firm's 50 day moving average is $36.64 and its 200-day moving average is $34.89. The firm has a market capitalization of $7.89 billion, a price-to-earnings ratio of 17.11 and a beta of 0.15.

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

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be given a $0.50 dividend. 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 presently 90.50%.

South Bow Company 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.

Want to see what other hedge funds are holding SOBO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for South Bow Corporation (NYSE:SOBO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.