The Manufacturers Life Insurance Company Invests $34.50 Million in South Bow Co. (NYSE:SOBO)

The Manufacturers Life Insurance Company bought a new stake in shares of South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,462,498 shares of the company's stock, valued at approximately $34,496,000. The Manufacturers Life Insurance Company owned approximately 0.70% of South Bow at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD purchased a new position in South Bow during the fourth quarter valued at $290,786,000. Yaupon Capital Management LP bought a new position in shares of South Bow during the fourth quarter valued at $7,750,000. Hsbc Holdings PLC purchased a new position in shares of South Bow in the 4th quarter worth about $805,000. Tower Research Capital LLC TRC bought a new position in South Bow in the 4th quarter worth about $35,000. Finally, TD Waterhouse Canada Inc. bought a new position in South Bow in the 4th quarter worth about $23,160,000.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Wolfe Research cut shares of South Bow from an "outperform" rating to a "peer perform" rating in a report on Friday, March 7th. Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a report on Friday, March 7th. Scotiabank increased their target price on South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday, March 7th. TD Securities began coverage on South Bow in a research note on Wednesday, January 15th. They issued a "hold" rating for the company. Finally, National Bankshares upped their price target on South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $26.25.

South Bow Trading Down 1.5 %

SOBO traded down $0.38 during trading on Monday, hitting $25.14. 581,916 shares of the company traded hands, compared to its average volume of 897,510. The company has a market cap of $5.23 billion and a PE ratio of 13.59. South Bow Co. has a 1 year low of $21.16 and a 1 year high of $27.60. The stock's 50-day simple moving average is $25.11 and its two-hundred day simple moving average is $24.71.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.12. The firm had revenue of $488.00 million during the quarter, compared to the consensus estimate of $524.87 million. Equities analysts expect that South Bow Co. will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.50 per share. The ex-dividend date was Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 7.96%. 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.