JPMorgan Chase & Co. acquired a new position in Seaspan Corporation (NYSE:SSW) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 180,430 shares of the shipping company’s stock, valued at approximately $1,289,000. JPMorgan Chase & Co. owned approximately 0.15% of Seaspan Corporation as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently modified their holdings of the business. Cue Financial Group Inc. lifted its stake in shares of Seaspan Corporation by 13.0% during the 2nd quarter. Cue Financial Group Inc. now owns 17,400 shares of the shipping company’s stock valued at $124,000 after buying an additional 2,000 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Seaspan Corporation by 9.3% during the 1st quarter. Bank of America Corp DE now owns 20,822 shares of the shipping company’s stock valued at $144,000 after buying an additional 1,775 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its stake in shares of Seaspan Corporation by 25.5% during the 2nd 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 in the last quarter. Schwab Charles Investment Management Inc. purchased a new stake in shares of Seaspan Corporation during the 2nd quarter valued at approximately $157,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Seaspan Corporation during the 1st quarter valued at approximately $163,000. 15.28% of the stock is owned by institutional investors and hedge funds.
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Shares of Seaspan Corporation (NYSE SSW) opened at 7.07 on Friday. Seaspan Corporation has a 52-week low of $5.02 and a 52-week high of $12.75. The stock’s 50 day moving average is $7.13 and its 200 day moving average is $6.64. The stock’s market cap is $833.11 million.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Friday, October 20th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 7.07%. The ex-dividend date is Thursday, October 19th. Seaspan Corporation’s dividend payout ratio (DPR) is presently -29.94%.
In related news, CEO Gerry Yougui Wang sold 634,762 shares of the company’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $7.45, for a total transaction of $4,728,976.90. Following the sale, the chief executive officer now owns 2,042,848 shares of the company’s stock, valued at $15,219,217.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
A number of analysts recently commented on SSW shares. Zacks Investment Research cut shares of Seaspan Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub upgraded shares of Seaspan Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Stifel Nicolaus reiterated a “hold” rating and issued a $7.00 target price on shares of Seaspan Corporation in a research note on Friday, July 14th. Credit Suisse Group set a $5.00 target price on shares of Seaspan Corporation and gave the stock a “sell” rating in a research note on Tuesday, August 1st. Finally, ValuEngine cut shares of Seaspan Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Seaspan Corporation presently has an average rating of “Hold” and a consensus target price of $6.79.
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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