Euroseas Ltd. (NASDAQ:ESEA) to Issue Dividend Increase – $0.65 Per Share

Euroseas Ltd. (NASDAQ:ESEA) announced a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Tuesday, March 11th will be given 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 of this dividend is Tuesday, March 11th. This is a positive change from Euroseas’s previous quarterly dividend of $0.60.

Euroseas has a payout ratio of 17.3% meaning its dividend is sufficiently covered by earnings. Equities 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 %

ESEA stock traded up $1.82 during midday trading on Friday, reaching $35.40. 50,185 shares of the company’s stock traded hands, compared to its average volume of 36,335. The company has a quick ratio of 1.59, a current ratio of 1.65 and a debt-to-equity ratio of 0.53. The company has a market cap of $248.01 million, a price-to-earnings ratio of 2.18 and a beta of 0.85. The firm’s fifty day moving average price is $33.79 and its 200-day moving average price is $39.50. Euroseas has a 52 week low of $30.21 and a 52 week high of $50.92.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Euroseas from a “buy” rating to a “hold” rating in a research note 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.