Victory Capital Management Inc. Buys 20,498 Shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL)

Victory Capital Management Inc. increased its stake in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) by 16.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,917 shares of the shipping company’s stock after acquiring an additional 20,498 shares during the quarter. Victory Capital Management Inc.’s holdings in Pangaea Logistics Solutions were worth $1,033,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of Pangaea Logistics Solutions by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,853,611 shares of the shipping company’s stock valued at $14,514,000 after acquiring an additional 112,298 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Pangaea Logistics Solutions by 131.7% in the 2nd quarter. AQR Capital Management LLC now owns 265,177 shares of the shipping company’s stock valued at $2,076,000 after acquiring an additional 150,713 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Pangaea Logistics Solutions in the 3rd quarter valued at $761,000. Cubist Systematic Strategies LLC bought a new stake in shares of Pangaea Logistics Solutions in the 2nd quarter valued at $270,000. Finally, Lazard Asset Management LLC bought a new stake in Pangaea Logistics Solutions during the 1st quarter valued at $61,000. Institutional investors own 60.23% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Pangaea Logistics Solutions Stock Performance

Shares of PANL stock opened at $5.72 on Thursday. The firm has a market capitalization of $268.27 million, a PE ratio of 12.09 and a beta of 0.87. The firm has a fifty day simple moving average of $6.52 and a two-hundred day simple moving average of $7.00. The company has a current ratio of 2.05, a quick ratio of 1.77 and a debt-to-equity ratio of 0.72. Pangaea Logistics Solutions, Ltd. has a 12 month low of $5.63 and a 12 month high of $9.52.

Pangaea Logistics Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 6.99%. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is presently 85.11%.

About Pangaea Logistics Solutions

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.