Euroseas Ltd. (NASDAQ:ESEA) Raises Dividend to $0.65 Per Share

Euroseas Ltd. (NASDAQ:ESEA) declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Investors of record on Tuesday, March 11th will be paid a dividend of 0.65 per share by the shipping company on Tuesday, March 18th. This represents a $2.60 annualized dividend and a dividend yield of 7.34%. The ex-dividend date is Tuesday, March 11th. This is a positive change from Euroseas’s previous quarterly dividend of $0.60.

Euroseas has a dividend payout ratio of 17.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Euroseas to earn $17.27 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 13.9%.

Euroseas Stock Up 5.4 %

NASDAQ:ESEA traded up $1.82 during mid-day trading on Friday, hitting $35.40. 50,091 shares of the company’s stock were exchanged, compared to its average volume of 36,333. The company has a market cap of $248.01 million, a PE ratio of 2.18 and a beta of 0.85. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.65 and a quick ratio of 1.59. Euroseas has a one year low of $30.21 and a one year high of $50.92. The business has a fifty day moving average price of $33.79 and a 200 day moving average price of $39.50.

Hedge Funds Weigh In On Euroseas

A hedge fund recently raised its stake in Euroseas stock. Bank of America Corp DE raised its position in shares of Euroseas Ltd. (NASDAQ:ESEA) by 1,611.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,865 shares of the shipping company’s stock after purchasing an additional 1,756 shares during the quarter. Bank of America Corp DE’s holdings in Euroseas were worth $68,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 6.27% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Euroseas from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th.

Euroseas Company Profile

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.