154,503 Shares in International Seaways Inc. $INSW Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 154,503 shares of International Seaways in the second quarter, valued at approximately $11.8 million and representing a 0.31% stake. Institutional investors collectively own 67.29% of the company.
• International Seaways reported strong quarterly results, with EPS of $5.91 versus the $5.55 consensus estimate and revenue of $467.29 million, up 138.9% year over year.
• The company declared a sharply increased quarterly dividend of $5.05 per share, or $20.20 annualized, implying a 19.1% yield; analysts maintain a “Moderate Buy” consensus rating.

Bank of America Corp DE bought a new stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 154,503 shares of the transportation company's stock, valued at approximately $11,833,000. Bank of America Corp DE owned 0.31% of International Seaways at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in INSW. Quantbot Technologies LP purchased a new position in International Seaways in the second quarter valued at $28,000. Allworth Financial LP purchased a new stake in International Seaways during the 2nd quarter worth about $48,000. Compass Financial Management LLC purchased a new stake in International Seaways during the 2nd quarter worth about $86,000. Rockefeller Capital Management L.P. boosted its position in shares of International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock worth $47,000 after acquiring an additional 822 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of International Seaways by 85.0% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the transportation company's stock worth $80,000 after acquiring an additional 505 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Stock Performance

Shares of INSW opened at $105.79 on Friday. The company has a 50-day simple moving average of $98.59 and a 200-day simple moving average of $86.26. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $5.24 billion, a PE ratio of 6.76, a P/E/G ratio of 0.27 and a beta of -0.13. International Seaways Inc. has a 52-week low of $42.26 and a 52-week high of $113.14.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, topping analysts' consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.International Seaways's quarterly revenue was up 138.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 earnings per share. Equities research analysts predict that International Seaways Inc. will post 16.09 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were issued a $5.05 dividend. This represents a $20.20 dividend on an annualized basis and a dividend yield of 19.1%. This is a positive change from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, September 10th. International Seaways's payout ratio is presently 129.16%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Jefferies Financial Group increased their target price on shares of International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $107.00 price target on shares of International Seaways in a research report on Tuesday, September 1st. Zacks Research lowered International Seaways from a "strong-buy" rating to a "hold" rating in a report on Monday, August 24th. Weiss Ratings reiterated a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. Finally, BTIG Research raised their price target on International Seaways from $100.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, September 18th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $102.25.

Insider Activity

In related news, CEO Lois Zabrocky sold 2,000 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $108.01, for a total transaction of $216,020.00. Following the sale, the chief executive officer owned 171,745 shares of the company's stock, valued at $18,550,177.45. This trade represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

International Seaways Company Profile

International Seaways, Inc is a maritime transportation company that owns and operates oceangoing vessels used to transport crude oil, refined petroleum products and other liquid bulk cargoes. Its fleet includes crude oil tankers and product carriers serving energy companies, commodity traders and other customers in international shipping markets.

The company's vessels operate on routes connecting major oil-producing, refining and consuming regions around the world. International Seaways generates revenue through a combination of time-charter arrangements, voyage charters and other commercial agreements, allowing customers to use its ships for the global movement of energy products.

International Seaways became an independent public company in 2016 through a separation from Overseas Shipholding Group.

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