International Assets Investment Management LLC Sells 114,378 Shares of SFL Corporation Ltd. $SFL

Key Points

• International Assets Investment Management cut its SFL stake by 94.9% in the third quarter, selling 114,378 shares and retaining 6,130 shares valued at about $81,000.
• SFL beat quarterly expectations, reporting EPS of $0.26 versus $0.21 forecast and revenue of $201.58 million, up 13.4% year over year.
• SFL declared a quarterly dividend of $0.22 per share, equivalent to an annualized yield of 8.0%; analysts’ consensus rating was “Moderate Buy” with a $14 price target.

International Assets Investment Management LLC reduced its holdings in shares of SFL Corporation Ltd. (NYSE:SFL - Free Report) by 94.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,130 shares of the shipping company's stock after selling 114,378 shares during the period. International Assets Investment Management LLC's holdings in SFL were worth $81,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SFL. Sterling Capital Management LLC boosted its holdings in SFL by 3,153.5% in the third quarter. Sterling Capital Management LLC now owns 21,603 shares of the shipping company's stock worth $284,000 after acquiring an additional 20,939 shares in the last quarter. Nisa Investment Advisors LLC grew its position in SFL by 4,388.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 33,754 shares of the shipping company's stock valued at $444,000 after purchasing an additional 33,002 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of SFL in the third quarter worth approximately $57,000. Engineers Gate Manager LP grew its holdings in shares of SFL by 41.2% during the second quarter. Engineers Gate Manager LP now owns 69,361 shares of the shipping company's stock valued at $707,000 after buying an additional 20,230 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in SFL during the 2nd quarter valued at $57,000. 28.59% of the stock is owned by hedge funds and other institutional investors.

SFL Trading Down 0.2%

NYSE SFL traded down $0.03 during trading hours on Friday, hitting $10.96. 1,482,244 shares of the company were exchanged, compared to its average volume of 1,323,069. The stock has a 50-day moving average price of $12.80 and a 200 day moving average price of $11.47. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 1.75. SFL Corporation Ltd. has a 52 week low of $7.41 and a 52 week high of $13.98. The stock has a market cap of $1.58 billion, a PE ratio of 16.35 and a beta of 0.48.

SFL (NYSE:SFL - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The shipping company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.21 by $0.05. SFL had a net margin of 8.76% and a return on equity of 3.41%. The company had revenue of $201.58 million during the quarter, compared to analyst estimates of $187.80 million. During the same period in the previous year, the firm earned $0.07 earnings per share. SFL's quarterly revenue was up 13.4% compared to the same quarter last year.

SFL Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 28th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 8.0%. The ex-dividend date is Tuesday, December 15th. SFL's dividend payout ratio (DPR) is 131.34%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. BTIG Research reaffirmed a "buy" rating and set a $14.00 price objective on shares of SFL in a research report on Wednesday, August 26th. Benchmark restated a "buy" rating on shares of SFL in a research note on Wednesday, August 26th. Wall Street Zen upgraded shares of SFL from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings raised shares of SFL from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, SFL has an average rating of "Moderate Buy" and a consensus price target of $14.00.

About SFL

SFL Corporation Ltd. is a maritime and offshore asset-owning company headquartered in Hamilton, Bermuda, and listed on the New York Stock Exchange under the symbol SFL. Formerly known as Ship Finance International Limited, the company was established in 2003 and has developed a diversified portfolio of vessels and offshore assets.

The company primarily acquires, owns and leases assets under long-term charter and lease agreements. Its portfolio has included crude oil and product tankers, dry bulk carriers, container ships, car carriers, offshore drilling units and other specialized maritime assets.

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