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

The Manufacturers Life Insurance Company bought a new stake in South Bow Corporation (NYSE:SOBO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,170,452 shares of the company’s stock, valued at approximately $41,216,000.

Several other institutional investors also recently modified their holdings of the business. Intact Investment Management Inc. boosted its position in shares of South Bow by 19.6% during the fourth quarter. Intact Investment Management Inc. now owns 964,360 shares of the company’s stock worth $26,522,000 after purchasing an additional 158,100 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of South Bow in the 1st quarter valued at $1,162,000. Bank of America Corp DE increased its position in shares of South Bow by 23.3% in the 1st quarter. Bank of America Corp DE now owns 1,993,768 shares of the company’s stock valued at $66,432,000 after buying an additional 376,108 shares in the last quarter. First Trust Advisors LP acquired a new stake in South Bow during the 1st quarter worth $945,000. Finally, Vanguard Group Inc. raised its stake in South Bow by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company’s stock worth $238,387,000 after buying an additional 118,147 shares during the period.

South Bow Price Performance

Shares of NYSE SOBO opened at $37.81 on Thursday. The company has a fifty day moving average price of $36.64 and a 200 day moving average price of $34.89. The firm has a market cap of $7.89 billion, a PE ratio of 17.11 and a beta of 0.15. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. South Bow Corporation has a 1-year low of $25.01 and a 1-year high of $38.94.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.05. The firm had revenue of $546.00 million for the quarter, compared to the consensus estimate of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. Research analysts predict that South Bow Corporation will post 1.87 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 Thursday, October 15th. Investors 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 of this dividend is Tuesday, September 29th. South Bow’s dividend payout ratio (DPR) is currently 90.50%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SOBO. National Bank Financial lifted their target price on South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a report on Monday, June 1st. Barclays increased their price target on South Bow from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a report on Monday, August 10th. TD Securities reiterated a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Finally, Wall Street Zen raised South Bow from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, South Bow has a consensus rating of “Hold” and a consensus price target of $33.00.

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.