Danaos (DAC) Declares $0.75 Dividend
Danaos said on May 15, 2023 that its board of directors declared a regular quarterly dividend of $0.75 per share ($3.00 annualized). Previously, the company paid $0.75 per share.
Shares must be purchased before the ex-div date of May 25, 2023 to qualify for the dividend. Shareholders of record as of May 26, 2023 will receive the payment on June 7, 2023.
At the current share price of $61.70 / share, the stock's dividend yield is 4.86%.
Looking back five years and taking a sample every week, the average dividend yield has been 21.68%, the lowest has been 2.05%, and the highest has been 106.01%. The standard deviation of yields is 22.58 (n=237).
The current dividend yield is 0.74 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.16. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 143 funds or institutions reporting positions in Danaos. This is a decrease of 6 owner(s) or 4.03% in the last quarter. Average portfolio weight of all funds dedicated to DAC is 0.20%, an increase of 9.73%. Total shares owned by institutions increased in the last three months by 5.89% to 13,533K shares. 
The put/call ratio of DAC is 0.26, indicating a bullish outlook.
Analyst Price Forecast Suggests 48.78% Upside
As of May 11, 2023, the average one-year price target for Danaos is 91.80. The forecasts range from a low of 65.65 to a high of $131.25. The average price target represents an increase of 48.78% from its latest reported closing price of 61.70.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Danaos is 944MM, a decrease of 6.25%. The projected annual non-GAAP EPS is 25.57.
What are Other Shareholders Doing?
VGTSX - Vanguard Total International Stock Index Fund Investor Shares holds 2,954K shares representing 14.51% ownership of the company. In it's prior filing, the firm reported owning 2,990K shares, representing a decrease of 1.23%. The firm decreased its portfolio allocation in DAC by 2.97% over the last quarter.
VTMGX - Vanguard Developed Markets Index Fund Admiral Shares holds 1,705K shares representing 8.38% ownership of the company. No change in the last quarter.
EVGBX - Evermore Global Value Fund Investor Class holds 1,257K shares representing 6.18% ownership of the company. No change in the last quarter.
EVGBX - Evermore Global Value Fund Investor Class holds 1,257K shares representing 6.18% ownership of the company.
PBD - Invesco Global Clean Energy ETF holds 1,173K shares representing 5.76% ownership of the company. In it's prior filing, the firm reported owning 1,306K shares, representing a decrease of 11.37%. The firm decreased its portfolio allocation in DAC by 1.17% over the last quarter.
Danaos Background Information
(This description is provided by the company.)
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Danaos current fleet of 63 containerships aggregating 385,769 TEUs, including five vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos fleet is chartered to many of the world's largest liner companies on fixed-rate charters.
This story originally appeared on Fintel.