Seaspan Corporation (SSW) Sees Large Volume Increase After Dividend Announcement

Shares of Seaspan Corporation (NYSE:SSW) saw an uptick in trading volume on Tuesday after the company announced a dividend. 2,301,833 shares traded hands during mid-day trading, an increase of 88% from the previous session’s volume of 1,223,140 shares.The stock last traded at $7.23 and had previously closed at $7.02.

The newly announced dividend which will be paid on Monday, October 30th. Shareholders of record on Friday, October 20th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, October 19th. This represents a $0.50 dividend on an annualized basis and a yield of 6.92%. Seaspan Corporation’s dividend payout ratio (DPR) is currently -29.94%.

A number of research firms have issued reports on SSW. Stifel Nicolaus reiterated a “hold” rating and set a $7.00 price target on shares of Seaspan Corporation in a research note on Friday, July 14th. Zacks Investment Research upgraded Seaspan Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub downgraded Seaspan Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Credit Suisse Group set a $5.00 price target on Seaspan Corporation and gave the company a “sell” rating in a research note on Tuesday, August 1st. Finally, ValuEngine downgraded Seaspan Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Seaspan Corporation currently has an average rating of “Hold” and an average price target of $6.79.

The firm’s market cap is $851.96 million. The firm has a 50-day moving average price of $7.10 and a 200 day moving average price of $6.57.

In other news, CEO Gerry Yougui Wang sold 634,762 shares of the stock in a transaction that occurred 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 in the company, valued at $15,219,217.60. The transaction was disclosed in a filing with the SEC, which is available at this link.

Several large investors have recently bought and sold shares of SSW. First Trust Advisors LP grew its holdings in shares of Seaspan Corporation by 36.4% during the first quarter. First Trust Advisors LP now owns 143,865 shares of the shipping company’s stock valued at $997,000 after buying an additional 38,418 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Seaspan Corporation by 15.5% during the first quarter. California Public Employees Retirement System now owns 190,500 shares of the shipping company’s stock valued at $1,320,000 after buying an additional 25,500 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Seaspan Corporation by 523.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,072,771 shares of the shipping company’s stock valued at $7,430,000 after buying an additional 900,606 shares during the last quarter. UBS Group AG grew its holdings in shares of Seaspan Corporation by 119.5% during the first quarter. UBS Group AG now owns 86,282 shares of the shipping company’s stock valued at $598,000 after buying an additional 46,975 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Seaspan Corporation by 9.3% during the first 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 during the last quarter. Hedge funds and other institutional investors own 15.33% of the company’s stock.

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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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