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

The Manufacturers Life Insurance Company cut its stake in shares of South Bow Corporation (NYSE:SOBO) by 5.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,292,485 shares of the company’s stock after selling 81,115 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.62% of South Bow worth $43,038,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of South Bow in the fourth quarter valued at about $24,566,000. Thornburg Investment Management Inc. increased its holdings in South Bow by 41.7% in the 4th quarter. Thornburg Investment Management Inc. now owns 2,829,875 shares of the company’s stock worth $77,840,000 after buying an additional 832,574 shares during the period. Dimensional Fund Advisors LP raised its position in South Bow by 51.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,348,827 shares of the company’s stock worth $64,541,000 after buying an additional 799,707 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in South Bow by 485.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 784,565 shares of the company’s stock valued at $22,195,000 after acquiring an additional 650,648 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in shares of South Bow by 421.9% in the 3rd quarter. Two Sigma Investments LP now owns 770,910 shares of the company’s stock valued at $21,809,000 after acquiring an additional 623,189 shares during the last quarter.

Wall Street Analysts Forecast Growth

SOBO has been the subject of a number of research reports. Scotiabank boosted their target price on shares of South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a report on Monday, May 11th. TD Securities restated a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Barclays raised their price objective on shares of South Bow from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Finally, Weiss Ratings reiterated a “buy (b+)” rating on shares of South Bow in a research note on Thursday, June 11th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $32.00.

South Bow Stock Performance

Shares of SOBO stock opened at $37.41 on Friday. 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 Corporation has a 12-month low of $25.01 and a 12-month high of $38.94. The business’s 50 day moving average is $36.78 and its two-hundred day moving average is $33.65. The company has a market capitalization of $7.80 billion, a P/E ratio of 18.43 and a beta of 0.16.

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

South Bow Dividend Announcement

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

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.