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

The Manufacturers Life Insurance Company purchased a new position in South Bow Corporation (NYSE:SOBO) 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) 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.