Bank of New York Mellon Corp boosted its position in shares of Overseas Shipholding Group, Inc. (NYSE:OSG – Free Report) by 6.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,726 shares of the transportation company’s stock after purchasing an additional 12,371 shares during the period. Bank of New York Mellon Corp owned about 0.29% of Overseas Shipholding Group worth $960,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in OSG. Royal Bank of Canada increased its holdings in Overseas Shipholding Group by 568.3% during the 2nd quarter. Royal Bank of Canada now owns 6,195 shares of the transportation company’s stock worth $26,000 after purchasing an additional 5,268 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in Overseas Shipholding Group during the 2nd quarter worth about $33,000. Shay Capital LLC bought a new position in Overseas Shipholding Group during the 4th quarter worth about $38,000. Jane Street Group LLC bought a new position in Overseas Shipholding Group during the 1st quarter worth about $41,000. Finally, Stephens Inc. AR bought a new position in Overseas Shipholding Group during the 2nd quarter worth about $44,000. Institutional investors own 58.21% of the company’s stock.
Insider Transactions at Overseas Shipholding Group
In other news, CEO Samuel H. Norton sold 50,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $4.78, for a total transaction of $239,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,368,296 shares in the company, valued at approximately $11,320,454.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 150,000 shares of company stock worth $760,000 in the last three months. Insiders own 7.97% of the company’s stock.
Overseas Shipholding Group Trading Up 4.4 %
Overseas Shipholding Group announced that its Board of Directors has initiated a stock buyback plan on Wednesday, December 6th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the transportation company to purchase up to 7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Overseas Shipholding Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 4th. Stockholders of record on Thursday, December 21st were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, December 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.72%. Overseas Shipholding Group’s dividend payout ratio is 9.68%.
Overseas Shipholding Group Company Profile
Overseas Shipholding Group, Inc, together with its subsidiaries, owns and operates a fleet of oceangoing vessels in the United States. Its vessels are engaged in the transportation of crude oil and petroleum products in the United States flag trade. As of December 31, 2022, the company owned or operated a fleet of 21 vessels totaling an aggregate of approximately 1.5 million deadweight tons.
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