Safe Bulkers (NYSE:SB) Issues Earnings Results, Beats Estimates By $0.02 EPS

Safe Bulkers (NYSE:SB) issued its earnings results on Monday. The shipping company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02, Zacks reports. Safe Bulkers had a return on equity of 10.04% and a net margin of 31.65%. The firm had revenue of $64.35 million for the quarter, compared to analysts’ expectations of $57.92 million.

Safe Bulkers Stock Up 3.2%

Shares of Safe Bulkers stock opened at $3.83 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.91 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average price of $3.50 and a 200 day moving average price of $3.67. Safe Bulkers has a fifty-two week low of $3.02 and a fifty-two week high of $6.33. The firm has a market cap of $403.30 million, a P/E ratio of 4.61 and a beta of 1.17.

Safe Bulkers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 5.22%. The ex-dividend date is Friday, June 6th. Safe Bulkers’s payout ratio is 29.85%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Loop Capital set a $4.20 price objective on Safe Bulkers in a research note on Monday, January 27th. DNB Markets upgraded Safe Bulkers from a “hold” rating to a “buy” rating and set a $4.20 price objective on the stock in a research note on Monday, January 27th. StockNews.com cut Safe Bulkers from a “buy” rating to a “hold” rating in a research note on Monday, January 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $5.00 price objective on shares of Safe Bulkers in a research note on Tuesday.

Hedge Funds Weigh In On Safe Bulkers

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in shares of Safe Bulkers by 67.0% during the first quarter. AQR Capital Management LLC now owns 68,052 shares of the shipping company’s stock worth $251,000 after buying an additional 27,292 shares during the period. Jane Street Group LLC lifted its position in shares of Safe Bulkers by 3.7% during the 1st quarter. Jane Street Group LLC now owns 135,870 shares of the shipping company’s stock valued at $501,000 after acquiring an additional 4,836 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Safe Bulkers by 5.4% during the 1st quarter. Empowered Funds LLC now owns 576,229 shares of the shipping company’s stock valued at $2,126,000 after acquiring an additional 29,667 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Safe Bulkers by 6.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company’s stock valued at $6,017,000 after purchasing an additional 91,662 shares in the last quarter. 21.69% of the stock is currently owned by institutional investors and hedge funds.

About Safe Bulkers

Safe Bulkers, Inc, together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. The company has a fleet of 47 drybulk vessels having an aggregate carrying capacity of 4,719,600 deadweight tons.