SVB Wealth LLC Acquires New Position in Frontline PLC $FRO

SVB Wealth LLC acquired a new stake in Frontline PLC (NYSE:FRO) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,140 shares of the shipping company’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bayforest Capital Ltd purchased a new position in Frontline during the 1st quarter valued at about $34,000. Signaturefd LLC increased its holdings in Frontline by 59.3% during the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock valued at $39,000 after acquiring an additional 989 shares in the last quarter. Nexpoint Asset Management L.P. purchased a new position in Frontline during the 4th quarter valued at about $159,000. Tower Research Capital LLC TRC increased its holdings in Frontline by 5,500.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company’s stock valued at $159,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in Frontline during the 4th quarter valued at about $173,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Frontline from a “hold” rating to a “sell” rating in a report on Sunday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.62.

Frontline Stock Up 2.2%

FRO stock opened at $20.55 on Thursday. The stock has a market capitalization of $4.57 billion, a P/E ratio of 13.17 and a beta of 0.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82. Frontline PLC has a one year low of $12.40 and a one year high of $25.68. The company has a 50 day moving average price of $18.66 and a two-hundred day moving average price of $17.30.

Frontline Dividend Announcement

The company also recently announced a dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 13th were paid a $0.18 dividend. This represents a yield of 397.0%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline’s payout ratio is presently 46.15%.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.