Seaspan Corp. (SSW) Declares Quarterly Dividend of $0.38
Seaspan Corp. (NYSE:SSW) announced a quarterly dividend on Tuesday, October 11th. Stockholders of record on Thursday, October 20th will be paid a dividend of 0.375 per share on Monday, October 31st. This represents a $1.50 dividend on an annualized basis and a dividend yield of 11.19%.
Seaspan Corp. (NYSE:SSW) last posted its quarterly earnings results on Monday, July 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. Seaspan Corp. had a return on equity of 10.41% and a net margin of 16.10%. The firm earned $224.31 million during the quarter, compared to the consensus estimate of $217.74 million. During the same quarter in the previous year, the business earned $0.22 earnings per share. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors boosted its position in Seaspan Corp. by 7,876.4% in the second quarter. BlackRock Fund Advisors now owns 155,539 shares of the company’s stock valued at $2,171,000 after buying an additional 153,589 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in Seaspan Corp. by 112.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 157,730 shares of the company’s stock valued at $2,202,000 after buying an additional 83,405 shares during the period. Lombard Odier Asset Management USA Corp acquired a new position in Seaspan Corp. during the second quarter valued at approximately $1,025,000. Vanguard Group Inc. boosted its position in Seaspan Corp. by 35.7% in the second quarter. Vanguard Group Inc. now owns 166,980 shares of the company’s stock valued at $2,331,000 after buying an additional 43,884 shares during the period. Finally, BlackRock Group LTD boosted its position in Seaspan Corp. by 518.1% in the second quarter. BlackRock Group LTD now owns 48,537 shares of the company’s stock valued at $678,000 after buying an additional 40,685 shares during the period. Institutional investors and hedge funds own 11.87% of the company’s stock.
SSW has been the subject of several analyst reports. Clarkson Capital reaffirmed a “neutral” rating on shares of Seaspan Corp. in a research report on Friday, September 23rd. Zacks Investment Research raised Seaspan Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, October 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $16.00.
About Seaspan Corp.
Seaspan Corporation is an independent charter owner and manager of containerships. It charters pursuant to long-term, fixed-rate time charters with various container liner companies. It operates a fleet of approximately 90 containerships. Its operating vessels include YM Wish, YM Wellhead, YM Witness, CSCL Manzanillo and Guayaquil Bridge.
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