SFL Co. Ltd. (NYSE:SFL) Raises Dividend to $0.22 Per Share

SFL Co. Ltd. (NYSE:SFLGet Rating) declared a quarterly dividend on Friday, May 13th, Wall Street Journal reports. Stockholders of record on Wednesday, June 15th will be paid a dividend of 0.22 per share by the shipping company on Wednesday, June 29th. This represents a $0.88 annualized dividend and a dividend yield of 8.10%. The ex-dividend date of this dividend is Tuesday, June 14th. This is an increase from SFL’s previous quarterly dividend of $0.20.

SFL has decreased its dividend by an average of 23.4% annually over the last three years and has raised its dividend every year for the last 2 years. SFL has a payout ratio of 80.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect SFL to earn $1.06 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 75.5%.

Shares of NYSE SFL traded up $0.51 during mid-day trading on Friday, hitting $10.87. The company’s stock had a trading volume of 110,684 shares, compared to its average volume of 992,870. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 8.40 and a beta of 0.74. The company’s fifty day simple moving average is $10.20 and its 200-day simple moving average is $9.12. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.63 and a quick ratio of 0.60. SFL has a one year low of $6.67 and a one year high of $10.84.

SFL (NYSE:SFLGet Rating) last announced its quarterly earnings results on Thursday, May 12th. The shipping company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.13. The business had revenue of $152.40 million for the quarter, compared to the consensus estimate of $138.71 million. SFL had a net margin of 32.01% and a return on equity of 12.77%. SFL’s revenue for the quarter was up 39.6% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. On average, sell-side analysts predict that SFL will post 1.04 EPS for the current year.

Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in SFL during the fourth quarter worth about $8,896,000. Morgan Stanley raised its stake in SFL by 206.5% during the second quarter. Morgan Stanley now owns 1,337,357 shares of the shipping company’s stock worth $10,231,000 after acquiring an additional 901,063 shares in the last quarter. BlackRock Inc. raised its stake in SFL by 16.1% during the fourth quarter. BlackRock Inc. now owns 6,247,152 shares of the shipping company’s stock worth $50,916,000 after acquiring an additional 867,792 shares in the last quarter. Millennium Management LLC raised its stake in SFL by 39.6% during the fourth quarter. Millennium Management LLC now owns 1,816,804 shares of the shipping company’s stock worth $14,807,000 after acquiring an additional 515,003 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in SFL by 10.0% during the first quarter. Dimensional Fund Advisors LP now owns 5,610,917 shares of the shipping company’s stock worth $57,119,000 after acquiring an additional 511,358 shares in the last quarter. 29.80% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on SFL shares. TheStreet upgraded shares of SFL from a “c-” rating to a “b” rating in a report on Wednesday, February 16th. Jefferies Financial Group lifted their price objective on shares of SFL from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, February 17th. DNB Markets cut shares of SFL from a “buy” rating to a “hold” rating in a research report on Friday, February 18th. Zacks Investment Research raised shares of SFL from a “sell” rating to a “hold” rating in a research report on Wednesday, April 20th. Finally, StockNews.com started coverage on shares of SFL in a research report on Thursday, March 31st. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, SFL currently has a consensus rating of “Hold” and a consensus target price of $9.75.

SFL Company Profile (Get Rating)

SFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company is also involved in the charter, purchase, and sale of assets. In addition, it operates in various sectors of the maritime, and shipping and offshore industries, including oil, chemical, oil product, container, and car transportation, as well as dry bulk shipments and drilling rigs.

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Dividend History for SFL (NYSE:SFL)

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