Eagle Bulk Shipping (EGLE) Declares $0.10 Dividend

Eagle Bulk Shipping said on May 4, 2023 that its board of directors declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Previously, the company paid $0.60 per share.

Shares must be purchased before the ex-div date of May 16, 2023 to qualify for the dividend. Shareholders of record as of May 17, 2023 will receive the payment on May 25, 2023.

At the current share price of $41.66 / share, the stock's dividend yield is 0.96%.

Looking back five years and taking a sample every week, the average dividend yield has been 11.03%, the lowest has been 4.47%, and the highest has been 21.98%. The standard deviation of yields is 4.92 (n=237).

The current dividend yield is 2.05 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.46. 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's 3-Year dividend growth rate is 15.50%, demonstrating that it has increased its dividend over time.

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What is the Fund Sentiment?

There are 330 funds or institutions reporting positions in Eagle Bulk Shipping. This is a decrease of 15 owner(s) or 4.35% in the last quarter. Average portfolio weight of all funds dedicated to EGLE is 0.19%, an increase of 96.93%. Total shares owned by institutions increased in the last three months by 2.49% to 12,656K shares. The put/call ratio of EGLE is 0.87, indicating a bullish outlook.

Analyst Price Forecast Suggests 68.45% Upside

As of April 24, 2023, the average one-year price target for Eagle Bulk Shipping is 70.18. The forecasts range from a low of 55.55 to a high of $89.25. The average price target represents an increase of 68.45% from its latest reported closing price of 41.66.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Eagle Bulk Shipping is 453MM, a decrease of 29.34%. The projected annual non-GAAP EPS is 7.60.

What are Other Shareholders Doing?

Oaktree Capital Management holds 3,782K shares representing 27.58% ownership of the company. No change in the last quarter.

Mirae Asset Global Investments Co. holds 389K shares representing 2.84% ownership of the company.

Marshall Wace, Llp holds 340K shares representing 2.48% ownership of the company. In it's prior filing, the firm reported owning 310K shares, representing an increase of 8.89%. The firm increased its portfolio allocation in EGLE by 30.15% over the last quarter.

Balyasny Asset Management holds 309K shares representing 2.25% ownership of the company. In it's prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

IWM - iShares Russell 2000 ETF holds 308K shares representing 2.24% ownership of the company. In it's prior filing, the firm reported owning 293K shares, representing an increase of 4.74%. The firm increased its portfolio allocation in EGLE by 9.95% over the last quarter.

Eagle Bulk Shipping Background Information
(This description is provided by the company.)

Eagle Bulk Shipping Inc. is a U.S. based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis.

This story originally appeared on Fintel.