Bank of Nova Scotia Makes New $17.44 Million Investment in South Bow Co. (NYSE:SOBO)

Bank of Nova Scotia bought a new position in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 739,385 shares of the company's stock, valued at approximately $17,444,000. Bank of Nova Scotia owned about 0.36% of South Bow at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SOBO. Roxbury Financial LLC bought a new stake in shares of South Bow in the 4th quarter worth $29,000. Wiser Advisor Group LLC bought a new stake in South Bow in the 4th quarter worth about $27,000. Assetmark Inc. purchased a new stake in South Bow in the 4th quarter valued at about $33,000. Sit Investment Associates Inc. bought a new position in shares of South Bow during the 4th quarter worth approximately $34,000. Finally, Rhumbline Advisers bought a new position in shares of South Bow in the fourth quarter valued at approximately $34,000.

South Bow Price Performance

Shares of NYSE:SOBO traded up $0.35 during trading on Friday, reaching $23.26. The company had a trading volume of 1,376,397 shares, compared to its average volume of 942,055. The company has a fifty day moving average price of $25.23. The stock has a market cap of $4.84 billion and a PE ratio of 12.57. South Bow Co. has a 12 month low of $21.16 and a 12 month high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.12. The firm had revenue of $488.00 million for the quarter, compared to analysts' expectations of $524.87 million. As a group, equities research analysts predict that South Bow Co. will post 1.74 EPS for the current year.

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South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.60%. The ex-dividend date is Monday, March 31st. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Wall Street Analyst Weigh In

SOBO has been the subject of a number of recent analyst reports. Scotiabank upped their price objective 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. National Bankshares increased their price target on shares of South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, March 7th. Wolfe Research lowered shares of South Bow from an "outperform" rating to a "peer perform" rating in a research note on Friday, March 7th. Finally, CIBC lowered South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective for the company. in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $26.25.

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.