Danaos Co. (DAC) to Issue Quarterly Dividend of $0.80 on December 6th

Danaos Co. (NYSE:DAC) declared a quarterly dividend on Monday, November 13th, Zacks reports. Shareholders of record on Monday, November 27th will be given a dividend of 0.80 per share by the shipping company on Wednesday, December 6th. This represents a $3.20 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date of this dividend is Friday, November 24th. This is a positive change from Danaos’s previous quarterly dividend of $0.75.

Danaos has a payout ratio of 10.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Danaos to earn $29.88 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 10.0%.

Danaos Stock Performance

Shares of DAC traded up $0.17 during mid-day trading on Wednesday, reaching $67.61. The company’s stock had a trading volume of 16,784 shares, compared to its average volume of 125,338. The company has a current ratio of 2.64, a quick ratio of 2.55 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $65.58 and a two-hundred day simple moving average of $65.15. Danaos has a 1-year low of $51.10 and a 1-year high of $71.65. The stock has a market cap of $1.38 billion, a P/E ratio of 2.34 and a beta of 1.54.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. StockNews.com lowered shares of Danaos from a “strong-buy” rating to a “buy” rating in a report on Monday. Jefferies Financial Group reiterated a “buy” rating and issued a $80.00 target price on shares of Danaos in a research report on Tuesday.

Hedge Funds Weigh In On Danaos

Hedge funds have recently bought and sold shares of the company. Credit Suisse AG acquired a new stake in Danaos in the second quarter worth $45,000. Citigroup Inc. lifted its stake in Danaos by 34.2% during the 1st quarter. Citigroup Inc. now owns 808 shares of the shipping company’s stock valued at $44,000 after acquiring an additional 206 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Danaos by 70.7% during the third quarter. Tower Research Capital LLC TRC now owns 1,012 shares of the shipping company’s stock worth $67,000 after purchasing an additional 419 shares during the last quarter. Centaurus Financial Inc. bought a new position in shares of Danaos in the first quarter valued at approximately $125,000. Finally, UBS Group AG grew its stake in Danaos by 321.1% in the 1st quarter. UBS Group AG now owns 2,013 shares of the shipping company’s stock valued at $110,000 after purchasing an additional 1,535 shares during the period. Institutional investors own 19.01% of the company’s stock.

Danaos Company Profile

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of March 7, 2023, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.