South Bow Corporation $SOBO Stock Holdings Reduced by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company has reduced its shareholding in South Bow Corporation by 5.6%, selling 82,597 shares to own approximately 1,379,901 shares valued at $35.27 million at the end of the quarter.
• South Bow Corporation reported an earnings per share of $0.42, surpassing analyst estimates of $0.38, and generated revenue of $524 million compared to a forecast of $449 million.
• The company announced a quarterly dividend of $0.50 per share, translating to an annual yield of 7.2%, with the payment set for October 15th to shareholders on record as of September 29th.

The Manufacturers Life Insurance Company lessened its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 5.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,379,901 shares of the company's stock after selling 82,597 shares during the period. The Manufacturers Life Insurance Company owned 0.66% of South Bow worth $35,272,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Oppenheimer & Co. Inc. bought a new position in shares of South Bow during the 1st quarter valued at about $1,351,000. Scotia Capital Inc. boosted its position in shares of South Bow by 1.2% during the 1st quarter. Scotia Capital Inc. now owns 1,734,937 shares of the company's stock valued at $44,238,000 after purchasing an additional 19,752 shares in the last quarter. Boston Partners bought a new position in shares of South Bow during the 1st quarter valued at about $32,840,000. Invesco Ltd. boosted its position in shares of South Bow by 112.9% during the 1st quarter. Invesco Ltd. now owns 1,619,641 shares of the company's stock valued at $41,333,000 after purchasing an additional 858,826 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in shares of South Bow during the 4th quarter valued at about $15,747,000.

South Bow Trading Up 0.3%

Shares of SOBO traded up $0.07 during midday trading on Friday, hitting $27.61. The stock had a trading volume of 891,204 shares, compared to its average volume of 812,567. South Bow Corporation has a fifty-two week low of $21.12 and a fifty-two week high of $28.22. The business has a 50-day simple moving average of $26.80 and a two-hundred day simple moving average of $25.96. The firm has a market cap of $5.75 billion and a P/E ratio of 14.92. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $524.00 million for the quarter, compared to analyst estimates of $449.00 million. As a group, equities analysts forecast that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.2%. The ex-dividend date is Monday, September 29th. South Bow's dividend payout ratio (DPR) is currently 108.11%.

Wall Street Analysts Forecast Growth

SOBO has been the subject of several research reports. CIBC raised their price objective on shares of South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. National Bankshares boosted their target price 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. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $27.00 target price on shares of South Bow in a research report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price 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.