Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) Stock Position Lifted by State Street Corp

State Street Corp boosted its stake in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) by 0.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 577,110 shares of the shipping company’s stock after buying an additional 4,564 shares during the quarter. State Street Corp owned approximately 1.23% of Pangaea Logistics Solutions worth $4,173,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Empowered Funds LLC boosted its position in Pangaea Logistics Solutions by 5.3% during the third quarter. Empowered Funds LLC now owns 338,679 shares of the shipping company’s stock valued at $2,449,000 after purchasing an additional 17,152 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Pangaea Logistics Solutions by 2.1% during the 3rd quarter. Royce & Associates LP now owns 774,452 shares of the shipping company’s stock valued at $5,599,000 after buying an additional 16,207 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Pangaea Logistics Solutions by 16.7% in the third quarter. Victory Capital Management Inc. now owns 142,917 shares of the shipping company’s stock worth $1,033,000 after buying an additional 20,498 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Pangaea Logistics Solutions during the third quarter valued at approximately $761,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Pangaea Logistics Solutions during the third quarter valued at approximately $113,000. 60.23% of the stock is currently owned by hedge funds and other institutional investors.

Pangaea Logistics Solutions Stock Performance

Shares of NASDAQ PANL opened at $4.89 on Monday. The business’s 50-day simple moving average is $5.83 and its 200-day simple moving average is $6.57. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.77 and a current ratio of 2.05. Pangaea Logistics Solutions, Ltd. has a 52 week low of $4.82 and a 52 week high of $9.52. The firm has a market cap of $229.35 million, a price-to-earnings ratio of 10.40 and a beta of 0.83.

Pangaea Logistics Solutions Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 8.18%. The ex-dividend date was Friday, November 29th. Pangaea Logistics Solutions’s dividend payout ratio is 85.11%.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Pangaea Logistics Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 15th.

Pangaea Logistics Solutions Company 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.