Bank of America Corp DE Boosts Holdings in Frontline PLC $FRO

Key Points

• Bank of America increased its Frontline stake by 46.8% in the first quarter, adding 258,189 shares to own 809,904 shares worth approximately $28.2 million. Institutional investors collectively own 22.7% of the company.
• Frontline raised its quarterly dividend to $1.55 per share, equivalent to an annualized $6.20 payout and a 15.0% yield, although its payout ratio stands at 152.7%.
• FRO was trading at $41.20, near its 52-week high, while analysts held a consensus “Hold” rating with a $41.62 price target after several firms downgraded the stock.

Bank of America Corp DE raised its position in Frontline PLC (NYSE:FRO - Free Report) by 46.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 809,904 shares of the shipping company's stock after acquiring an additional 258,189 shares during the period. Bank of America Corp DE owned approximately 0.36% of Frontline worth $28,233,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FRO. University of Texas Texas AM Investment Management Co. acquired a new position in Frontline during the 4th quarter worth approximately $25,000. Assetmark Inc. lifted its holdings in shares of Frontline by 278.6% in the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after buying an additional 716 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Frontline in the third quarter valued at approximately $41,000. Parallel Advisors LLC boosted its stake in shares of Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock valued at $46,000 after buying an additional 486 shares in the last quarter. Finally, NFSG Corp grew its holdings in Frontline by 50.0% during the first quarter. NFSG Corp now owns 1,500 shares of the shipping company's stock worth $52,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Trading Down 0.0%

NYSE:FRO opened at $41.20 on Monday. Frontline PLC has a 52-week low of $18.43 and a 52-week high of $43.10. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The stock has a fifty day simple moving average of $38.30 and a 200-day simple moving average of $35.77. The company has a market capitalization of $9.17 billion, a PE ratio of 10.15 and a beta of 0.02.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were paid a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 15.0%. This is an increase from Frontline's previous quarterly dividend of $1.03. Frontline's dividend payout ratio is 152.71%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FRO. Pareto Securities cut Frontline from a "buy" rating to a "hold" rating and set a $39.46 price objective for the company. in a research report on Monday, May 25th. Danske lowered shares of Frontline to a "hold" rating in a research report on Tuesday, May 26th. Weiss Ratings cut shares of Frontline from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. Evercore downgraded shares of Frontline from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of Frontline from a "strong-buy" rating to a "buy" rating in a report on Saturday. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Frontline has a consensus rating of "Hold" and a consensus target price of $41.62.

Frontline Profile

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

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