The Manufacturers Life Insurance Company Lowers Stake in South Bow Corporation $SOBO

The Manufacturers Life Insurance Company cut its position in South Bow Corporation (NYSE:SOBO) by 5.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,292,485 shares of the company’s stock after selling 81,115 shares during the period. The Manufacturers Life Insurance Company’s holdings in South Bow were worth $43,038,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. City Holding Co. grew its position in South Bow by 277.4% in the 4th quarter. City Holding Co. now owns 1,000 shares of the company’s stock valued at $27,000 after acquiring an additional 735 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of South Bow by 140.5% during the first quarter. Parallel Advisors LLC now owns 849 shares of the company’s stock worth $28,000 after purchasing an additional 496 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of South Bow by 780.3% in the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock valued at $34,000 after purchasing an additional 1,069 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of South Bow by 1,993.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock valued at $35,000 after purchasing an additional 1,276 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of South Bow in the fourth quarter valued at approximately $39,000.

Analyst Upgrades and Downgrades

SOBO has been the subject of several research reports. Raymond James Financial began coverage on shares of South Bow in a research note on Tuesday, June 9th. They issued an “outperform” rating for the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a report on Monday, May 11th. Weiss Ratings reissued a “buy (b+)” rating on shares of South Bow in a research note on Thursday, June 11th. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a report on Monday, July 6th. Finally, National Bank Financial increased their price target 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. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, South Bow presently has a consensus rating of “Hold” and an average price target of $32.00.

South Bow Trading Up 0.2%

Shares of NYSE:SOBO opened at $37.41 on Friday. South Bow Corporation has a 52 week low of $25.01 and a 52 week high of $38.94. The company’s 50 day moving average is $36.78 and its two-hundred day moving average is $33.65. The company has a market cap of $7.80 billion, a PE ratio of 18.43 and a beta of 0.16. The company has a current ratio of 1.51, a quick ratio of 1.37 and a debt-to-equity ratio of 2.16.

South Bow (NYSE:SOBO) last issued its earnings results on Thursday, May 7th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.02). The business had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. South Bow had a return on equity of 15.24% and a net margin of 21.32%.South Bow’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $0.47 EPS. Equities analysts predict that South Bow Corporation will post 1.78 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 5.3%. The ex-dividend date was Tuesday, June 30th. South Bow’s dividend payout ratio is currently 98.52%.

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.