Bank of America Corp DE Buys 6,965 Shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL)

Bank of America Corp DE increased its stake in shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) by 27.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,312 shares of the shipping company’s stock after purchasing an additional 6,965 shares during the quarter. Bank of America Corp DE’s holdings in Pangaea Logistics Solutions were worth $173,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in Pangaea Logistics Solutions by 21.4% during the 4th quarter. JPMorgan Chase & Co. now owns 155,115 shares of the shipping company’s stock worth $831,000 after buying an additional 27,316 shares in the last quarter. Empowered Funds LLC raised its position in shares of Pangaea Logistics Solutions by 5.1% during the fourth quarter. Empowered Funds LLC now owns 356,068 shares of the shipping company’s stock worth $1,909,000 after acquiring an additional 17,389 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pangaea Logistics Solutions by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,060,392 shares of the shipping company’s stock worth $11,044,000 after acquiring an additional 105,965 shares during the last quarter. Barclays PLC lifted its stake in shares of Pangaea Logistics Solutions by 23.6% during the fourth quarter. Barclays PLC now owns 57,959 shares of the shipping company’s stock valued at $311,000 after acquiring an additional 11,060 shares during the period. Finally, Commonwealth Equity Services LLC bought a new position in Pangaea Logistics Solutions in the fourth quarter valued at about $55,000. 60.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Pangaea Logistics Solutions from a “hold” rating to a “sell” rating in a report on Wednesday, May 14th.

Pangaea Logistics Solutions Trading Down 2.1%

PANL opened at $4.66 on Monday. The firm has a 50 day simple moving average of $4.36 and a 200 day simple moving average of $4.92. Pangaea Logistics Solutions, Ltd. has a fifty-two week low of $3.93 and a fifty-two week high of $8.00. The company has a market cap of $305.80 million, a price-to-earnings ratio of 9.92 and a beta of 0.69. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.05 and a quick ratio of 1.77.

Pangaea Logistics Solutions (NASDAQ:PANL) last released its earnings results on Monday, May 12th. The shipping company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.12. The firm had revenue of $122.80 million during the quarter, compared to analyst estimates of $130.37 million. Pangaea Logistics Solutions had a net margin of 4.14% and a return on equity of 7.88%. During the same quarter in the previous year, the business earned $0.14 EPS. On average, sell-side analysts anticipate that Pangaea Logistics Solutions, Ltd. will post 0.43 earnings per share for the current year.

Pangaea Logistics Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 4.29%. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is presently 58.82%.

Pangaea Logistics Solutions Profile

Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. It offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.