Danaos Co. (NYSE:DAC) Holdings Lowered by Bank of America Corp DE

Bank of America Corp DE lowered its position in Danaos Co. (NYSE:DAC - Free Report) by 22.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,328 shares of the shipping company's stock after selling 12,739 shares during the quarter. Bank of America Corp DE owned approximately 0.23% of Danaos worth $3,549,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Danaos by 49.8% during the 4th quarter. Blue Trust Inc. now owns 5,573 shares of the shipping company's stock worth $483,000 after purchasing an additional 1,853 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Danaos by 340.1% in the 4th quarter. Allworth Financial LP now owns 1,941 shares of the shipping company's stock valued at $149,000 after buying an additional 1,500 shares in the last quarter. PFG Advisors boosted its holdings in shares of Danaos by 12.5% in the 4th quarter. PFG Advisors now owns 5,856 shares of the shipping company's stock valued at $469,000 after buying an additional 651 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Danaos by 61.7% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,697 shares of the shipping company's stock valued at $1,097,000 after buying an additional 5,228 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Danaos by 12.8% during the 4th quarter. Sei Investments Co. now owns 32,629 shares of the shipping company's stock worth $2,613,000 after acquiring an additional 3,696 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DAC shares. Wall Street Zen cut shares of Danaos from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group raised their price target on Danaos from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th.

Danaos Price Performance

DAC traded up $0.81 during trading on Wednesday, reaching $85.02. 58,614 shares of the stock were exchanged, compared to its average volume of 105,498. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 3.28 and a beta of 1.34. Danaos Co. has a 1 year low of $65.40 and a 1 year high of $97.46. The business's 50 day moving average price is $79.77 and its two-hundred day moving average price is $80.13.

Danaos (NYSE:DAC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.33 by ($0.29). The company had revenue of $253.31 million during the quarter, compared to analysts' expectations of $242.00 million. Danaos had a net margin of 49.81% and a return on equity of 16.03%. During the same quarter in the prior year, the company earned $7.15 earnings per share. As a group, equities research analysts anticipate that Danaos Co. will post 29.21 earnings per share for the current year.

Danaos Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Tuesday, May 27th. Danaos's dividend payout ratio is currently 13.96%.

Danaos declared that its board has approved a share repurchase program on Monday, April 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the shipping company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

About Danaos

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.