Janney Montgomery Scott LLC grew its stake in shares of Overseas Shipholding Group, Inc. (NYSE:OSG – Free Report) by 0.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,431,176 shares of the transportation company’s stock after acquiring an additional 9,588 shares during the period. Janney Montgomery Scott LLC’s holdings in Overseas Shipholding Group were worth $6,283,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in shares of Overseas Shipholding Group by 6.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 218,726 shares of the transportation company’s stock valued at $960,000 after buying an additional 12,371 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Overseas Shipholding Group during the 3rd quarter valued at approximately $122,000. California State Teachers Retirement System purchased a new stake in shares of Overseas Shipholding Group during the 2nd quarter valued at approximately $80,000. Nuveen Asset Management LLC purchased a new stake in shares of Overseas Shipholding Group during the 2nd quarter valued at approximately $432,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Overseas Shipholding Group by 4,400.0% during the 2nd quarter. Wells Fargo & Company MN now owns 22,050 shares of the transportation company’s stock valued at $92,000 after buying an additional 21,560 shares in the last quarter. 58.21% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Overseas Shipholding Group
In other Overseas Shipholding Group news, CEO Samuel H. Norton sold 50,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $4.78, for a total value of $239,000.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 150,000 shares of company stock worth $760,000. 7.97% of the stock is owned by corporate insiders.
Overseas Shipholding Group Stock Performance
Overseas Shipholding Group announced that its board has initiated a stock buyback program on Wednesday, December 6th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the transportation company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Overseas Shipholding Group Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, January 4th. Investors of record on Thursday, December 21st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Wednesday, December 20th. Overseas Shipholding Group’s payout ratio is currently 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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