Safe Bulkers (NYSE:SB – Get Free Report) issued its quarterly earnings results on Tuesday. The shipping company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.06, FiscalAI reports. The company had revenue of $87.47 million for the quarter, compared to analyst estimates of $77.50 million. Safe Bulkers had a return on equity of 6.45% and a net margin of 18.73%.
Safe Bulkers Stock Down 0.4%
SB traded down $0.03 during trading hours on Tuesday, hitting $7.49. 585,400 shares of the company’s stock were exchanged, compared to its average volume of 718,825. The stock has a market cap of $765.82 million, a price-to-earnings ratio of 16.64 and a beta of 0.84. Safe Bulkers has a 1-year low of $3.61 and a 1-year high of $7.80. The stock’s 50-day moving average is $6.77 and its two-hundred day moving average is $6.38. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.46.
Safe Bulkers Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Tuesday, June 30th were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, June 30th. This is a positive change from Safe Bulkers’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 3.2%. Safe Bulkers’s dividend payout ratio is currently 53.33%.
Analysts Set New Price Targets
Read Our Latest Stock Report on SB
Institutional Investors Weigh In On Safe Bulkers
Several institutional investors and hedge funds have recently added to or reduced their stakes in SB. Goldman Sachs Group Inc. boosted its stake in shares of Safe Bulkers by 30.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,651,114 shares of the shipping company’s stock worth $12,778,000 after buying an additional 617,711 shares during the last quarter. Millennium Management LLC bought a new position in shares of Safe Bulkers in the 4th quarter valued at about $1,571,000. Boothbay Fund Management LLC acquired a new stake in shares of Safe Bulkers in the third quarter valued at about $629,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Safe Bulkers in the fourth quarter valued at about $564,000. Finally, Segall Bryant & Hamill LLC raised its holdings in Safe Bulkers by 122.0% during the fourth quarter. Segall Bryant & Hamill LLC now owns 182,624 shares of the shipping company’s stock worth $880,000 after acquiring an additional 100,358 shares in the last quarter. 21.69% of the stock is owned by institutional investors.
Safe Bulkers Company Profile
Safe Bulkers Inc (NYSE: SB) is a dry bulk shipping company engaged in the ocean transport of commodities such as iron ore, coal, grain, and fertilizers. The company operates a modern fleet of vessels, including Panamax, Supramax and Kamsarmax bulk carriers, designed to serve a variety of trade routes and cargo types. Safe Bulkers’ fleet is employed under both time charter and voyage charter arrangements, offering flexibility to respond to market demand and optimize vessel utilization.
Founded in 2008, Safe Bulkers began trading its shares on the New York Stock Exchange in the same year, establishing itself as a publicly listed provider of dry bulk transportation services.
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