167,910 Shares of Ardmore Shipping Corporation $ASC Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 167,910 shares of Ardmore Shipping in the second quarter, worth approximately $2.35 million and representing 0.41% of the company. Institutional investors collectively owned 62.22% of Ardmore’s shares.
• Ardmore Shipping reported quarterly EPS of $1.18, exceeding the $1.11 consensus estimate, while revenue reached $116.21 million versus expectations of $86.30 million.
• The company more than doubled its quarterly dividend to $0.79 per share, implying a $3.16 annualized payout and a 17% dividend yield; analysts maintained an overall “Buy” rating, though the average price target was $17.00.

Bank of America Corp DE bought a new stake in shares of Ardmore Shipping Corporation (NYSE:ASC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 167,910 shares of the shipping company's stock, valued at approximately $2,352,000. Bank of America Corp DE owned 0.41% of Ardmore Shipping at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Flat Footed LLC bought a new stake in shares of Ardmore Shipping during the 2nd quarter worth approximately $13,293,599. Hsbc Holdings PLC bought a new position in Ardmore Shipping in the 2nd quarter valued at $665,000. Canada Pension Plan Investment Board bought a new position in Ardmore Shipping in the 2nd quarter valued at $170,000. Legal & General Group Plc bought a new position in Ardmore Shipping in the 2nd quarter valued at $49,000. Finally, Algert Global LLC increased its stake in Ardmore Shipping by 332.8% in the second quarter. Algert Global LLC now owns 52,800 shares of the shipping company's stock worth $740,000 after purchasing an additional 40,600 shares during the period. Institutional investors own 62.22% of the company's stock.

Ardmore Shipping Stock Performance

Shares of NYSE:ASC opened at $18.63 on Thursday. The company has a market capitalization of $758.88 million, a price-to-earnings ratio of 7.19 and a beta of 0.05. Ardmore Shipping Corporation has a 52 week low of $10.31 and a 52 week high of $20.02. The company has a quick ratio of 4.84, a current ratio of 5.45 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $17.71 and a 200 day moving average of $16.86.

Ardmore Shipping (NYSE:ASC - Get Free Report) last announced its earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.07. The business had revenue of $116.21 million for the quarter, compared to analysts' expectations of $86.30 million. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 28th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Friday, August 28th. This is a positive change from Ardmore Shipping's previous quarterly dividend of $0.39. This represents a $3.16 annualized dividend and a dividend yield of 17.0%. Ardmore Shipping's payout ratio is currently 122.01%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ASC shares. Wall Street Zen upgraded Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 5th. Weiss Ratings upgraded shares of Ardmore Shipping from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, September 22nd. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ardmore Shipping has an average rating of "Buy" and an average target price of $17.00.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation NYSE: ASC is a maritime transportation company that owns and operates product and chemical tankers. The company provides seaborne transportation for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid commodities.

Ardmore's fleet is primarily composed of medium-range product tankers and specialized chemical tankers. Its vessels serve international trade routes, transporting cargoes between major refining, storage and consumption markets in regions including North America, Europe, the Mediterranean, the Middle East and Asia.

Founded in 2010, Ardmore Shipping is incorporated in Bermuda and is headquartered in Hamilton, Bermuda.

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