Zacks Investment Research upgraded shares of Seaspan Corporation (NYSE:SSW) from a sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. “
Several other equities analysts also recently weighed in on SSW. Credit Suisse Group downgraded Seaspan Corporation from a neutral rating to an underperform rating and dropped their price objective for the company from $7.00 to $6.00 in a research note on Monday, May 1st. Citigroup Inc. raised Seaspan Corporation from a sell rating to a neutral rating and set a $7.00 price objective for the company in a research note on Tuesday, May 2nd. ValuEngine cut Seaspan Corporation from a buy rating to a hold rating in a report on Friday, June 2nd. BidaskClub upgraded Seaspan Corporation from a hold rating to a buy rating in a report on Thursday, July 6th. Finally, Stifel Nicolaus reiterated a hold rating and set a $7.00 target price on shares of Seaspan Corporation in a report on Friday, July 14th. Five equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The stock has an average rating of Hold and an average price target of $6.81.
Shares of Seaspan Corporation (NYSE:SSW) traded up 2.82% during mid-day trading on Wednesday, hitting $6.93. The stock had a trading volume of 936,764 shares. The stock has a 50 day moving average price of $6.49 and a 200-day moving average price of $6.95. Seaspan Corporation has a 52-week low of $5.02 and a 52-week high of $15.32. The company’s market cap is $816.61 million.
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The business also recently announced a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Thursday, July 20th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date was Tuesday, July 18th. Seaspan Corporation’s dividend payout ratio (DPR) is presently -29.94%.
A number of large investors have recently made changes to their positions in the stock. Private Advisor Group LLC bought a new stake in shares of Seaspan Corporation during the first quarter worth approximately $111,000. Cue Financial Group Inc. boosted its stake in shares of Seaspan Corporation by 13.0% in the second quarter. Cue Financial Group Inc. now owns 17,400 shares of the shipping company’s stock worth $124,000 after buying an additional 2,000 shares during the period. Bank of America Corp DE boosted its stake in shares of Seaspan Corporation by 9.3% in the first quarter. Bank of America Corp DE now owns 20,822 shares of the shipping company’s stock worth $144,000 after buying an additional 1,775 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in Seaspan Corporation by 25.5% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 21,150 shares of the shipping company’s stock valued at $151,000 after buying an additional 4,300 shares during the period. Finally, Schwab Charles Investment Management Inc. acquired a new stake in Seaspan Corporation during the second quarter valued at about $157,000. Hedge funds and other institutional investors own 14.38% of the company’s stock.
About Seaspan Corporation
Seaspan Corporation is an independent charter owner and manager of containerships. The Company charters pursuant to long-term, fixed-rate time charters with various container liner companies. As of February 20, 2017, it had operated a fleet of 88 containerships and had entered into contracts for the purchase of an additional eight new building containerships.
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