SFL (NYSE:SFL) Trading 8.9% Higher Following Dividend Announcement

Shares of SFL Corporation Ltd. (NYSE:SFL) were up 8.9% on Wednesday after the company announced a dividend. The stock traded as high as $10.12 and last traded at $9.94. Approximately 1,174,549 shares changed hands during trading, a decline of 17% from the average daily volume of 1,419,937 shares. The stock had previously closed at $9.13.

The newly announced dividend which will be paid on Monday, March 30th. Stockholders of record on Thursday, March 12th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 7.8%. SFL’s payout ratio is presently -8,000.00%.

Analyst Ratings Changes

SFL has been the topic of several research analyst reports. Wall Street Zen upgraded shares of SFL from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. BTIG Research lifted their price objective on SFL from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Weiss Ratings raised SFL from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, SFL has an average rating of “Moderate Buy” and an average target price of $12.00.

SFL Price Performance

The firm has a market cap of $1.50 billion, a P/E ratio of -51.57 and a beta of 0.47. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.36 and a quick ratio of 0.42. The firm’s 50 day moving average is $8.37 and its 200 day moving average is $8.14.

SFL (NYSE:SFL) last released its earnings results on Wednesday, February 11th. The shipping company reported ($0.04) earnings per share (EPS) for the quarter. The business had revenue of $175.51 million for the quarter, compared to analysts’ expectations of $168.36 million. SFL had a negative net margin of 3.61% and a negative return on equity of 0.30%. SFL’s revenue for the quarter was down 23.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 earnings per share.

Institutional Trading of SFL

Several institutional investors have recently bought and sold shares of SFL. Novak & Powell Financial Services Inc. lifted its stake in shares of SFL by 3.2% in the third quarter. Novak & Powell Financial Services Inc. now owns 44,009 shares of the shipping company’s stock worth $331,000 after buying an additional 1,373 shares in the last quarter. Signaturefd LLC raised its holdings in SFL by 30.5% in the 4th quarter. Signaturefd LLC now owns 6,008 shares of the shipping company’s stock worth $47,000 after acquiring an additional 1,405 shares during the last quarter. Russell Investments Group Ltd. lifted its position in SFL by 5.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 28,425 shares of the shipping company’s stock valued at $214,000 after acquiring an additional 1,421 shares in the last quarter. ProShare Advisors LLC boosted its stake in SFL by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 22,171 shares of the shipping company’s stock valued at $173,000 after purchasing an additional 1,424 shares during the last quarter. Finally, Brighton Jones LLC boosted its stake in SFL by 8.2% during the 4th quarter. Brighton Jones LLC now owns 19,395 shares of the shipping company’s stock valued at $198,000 after purchasing an additional 1,474 shares during the last quarter. 28.59% of the stock is owned by hedge funds and other institutional investors.

About SFL

Ship Finance International Limited (NYSE: SFL) is an independent owner of modern, large-size ocean-going vessels that provides finance and leasing services to the global shipping industry. The company’s fleet encompasses a diversified mix of crude oil tankers, product and chemical tankers, liquefied natural gas (LNG) carriers, dry bulk carriers, container vessels and floating production storage and offloading (FPSO) units. By structuring long-term charter agreements and bareboat leases with major oil companies, commodity traders and offshore operators, Ship Finance International seeks to deliver stable cash flows and risk-adjusted returns for its shareholders.

In its core business, Ship Finance International acquires or finances vessels through forward sales agreements and then charters them out under fixed-rate contracts, typically ranging from five to 20 years in duration.