Bank of America Corp DE Sells 178,182 Shares of International Seaways, Inc. (NYSE:INSW)

Bank of America Corp DE reduced its position in International Seaways, Inc. (NYSE:INSW - Free Report) by 66.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 91,632 shares of the transportation company's stock after selling 178,182 shares during the quarter. Bank of America Corp DE owned about 0.19% of International Seaways worth $3,293,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC acquired a new position in International Seaways during the fourth quarter worth about $37,000. Quarry LP lifted its stake in International Seaways by 169.0% in the 4th quarter. Quarry LP now owns 1,356 shares of the transportation company's stock valued at $49,000 after purchasing an additional 852 shares during the last quarter. R Squared Ltd acquired a new stake in International Seaways in the fourth quarter valued at approximately $59,000. KBC Group NV grew its stake in shares of International Seaways by 60.2% during the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company's stock worth $62,000 after buying an additional 653 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in shares of International Seaways during the fourth quarter worth $69,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Jefferies Financial Group reiterated a "buy" rating and set a $48.00 target price on shares of International Seaways in a research report on Thursday, May 8th.

International Seaways Trading Up 0.7%

Shares of INSW stock traded up $0.27 during mid-day trading on Wednesday, hitting $37.45. The company's stock had a trading volume of 76,197 shares, compared to its average volume of 746,382. The company's fifty day simple moving average is $34.64 and its 200-day simple moving average is $36.17. International Seaways, Inc. has a 52 week low of $27.20 and a 52 week high of $63.50. The company has a market cap of $1.85 billion, a PE ratio of 3.62 and a beta of -0.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The transportation company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.21. The firm had revenue of $178.34 million for the quarter, compared to analyst estimates of $176.49 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business's quarterly revenue was down 32.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.92 earnings per share. As a group, equities research analysts expect that International Seaways, Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend is Thursday, June 12th. International Seaways's dividend payout ratio is currently 7.42%.

Insider Activity

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $34.66, for a total transaction of $69,320.00. Following the completion of the transaction, the chief executive officer now owns 179,557 shares in the company, valued at $6,223,445.62. This trade represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Derek G. Solon sold 1,500 shares of International Seaways stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $38.22, for a total value of $57,330.00. Following the transaction, the senior vice president now directly owns 55,893 shares of the company's stock, valued at $2,136,230.46. The trade was a 2.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,900 shares of company stock worth $516,956 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

International Seaways Company Profile

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.