Danaos Hikes Quarterly Dividend 11% and Adds $5 Special Payout
DAC sits 85% above its 52-week low of $83.56.
Summary
Danaos raised its quarterly dividend to $1.00 from $0.90, an 11% increase, and declared a $5.00 special dividend. Both are payable Oct. 22 to shareholders of record Oct. 13. The new quarterly rate implies a 2.59% annual yield based on Wednesday's close. This follows strong Q2 results reported in August, with EPS of $8.32 and a 57% jump in drybulk revenue. The special payout signals confidence in cash flow and a willingness to return capital to shareholders.
At the time of this announcement, DAC was trading at $154.99 on NYSE in the Trade & Services sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $83.56 to $163.64. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.