Vident Advisory LLC Has $2.02 Million Stock Position in South Bow Corporation $SOBO

Key Points

• Vident Advisory LLC has reduced its stake in South Bow Corporation (NYSE:SOBO) by 21.6%, now owning 78,894 shares worth approximately $2.02 million.
• South Bow reported an earnings per share (EPS) of $0.42 for the last quarter, exceeding analysts' expectations of $0.38, and had revenues of $524 million surpassing the estimated $449 million.
• A quarterly dividend of $0.50 per share has been announced, reflecting a high dividend yield of 7.2% and a payout ratio of 108.11%.

Vident Advisory LLC trimmed its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 21.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,894 shares of the company's stock after selling 21,676 shares during the quarter. Vident Advisory LLC's holdings in South Bow were worth $2,015,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of South Bow by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company's stock worth $321,990,000 after purchasing an additional 280,088 shares during the period. Vanguard Group Inc. grew its stake in shares of South Bow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock worth $227,531,000 after purchasing an additional 157,355 shares during the period. Blackstone Inc. purchased a new stake in shares of South Bow in the 4th quarter worth about $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of South Bow in the 4th quarter worth about $55,447,000. Finally, Bank of Nova Scotia boosted its position in shares of South Bow by 196.7% in the 1st quarter. Bank of Nova Scotia now owns 2,193,469 shares of the company's stock worth $56,039,000 after buying an additional 1,454,084 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently commented on SOBO. CIBC boosted their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $27.00 target price on shares of South Bow in a research note on Thursday, August 21st. Royal Bank Of Canada reissued an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. Finally, National Bankshares upped their price target on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Two 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $28.80.

South Bow Stock Performance

Shares of SOBO stock traded up $0.07 on Friday, hitting $27.61. 942,306 shares of the stock traded hands, compared to its average volume of 505,082. The company has a market capitalization of $5.75 billion and a PE ratio of 14.92. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20. South Bow Corporation has a 1-year low of $21.12 and a 1-year high of $28.22. The company's fifty day moving average is $26.83 and its 200 day moving average is $25.99.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to analyst estimates of $449.00 million. On average, equities research analysts predict 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 paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a yield of 7.2%. 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.