Safe Bulkers (NYSE:SB) Hits New 12-Month High Following Dividend Announcement
by Kim Johansen · The Markets DailySafe Bulkers, Inc (NYSE:SB – Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $6.19 and last traded at $6.1550, with a volume of 105309 shares traded. The stock had previously closed at $6.05.
The newly announced dividend which will be paid on Wednesday, March 18th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Monday, March 2nd. Safe Bulkers’s payout ratio is presently 66.67%.
Analysts Set New Price Targets
SB has been the subject of several analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Safe Bulkers in a research note on Monday, December 29th. Jefferies Financial Group increased their price target on Safe Bulkers from $5.00 to $6.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.00.
Safe Bulkers Stock Up 2.4%
The firm has a market cap of $629.84 million, a PE ratio of 20.52 and a beta of 1.13. The company has a 50-day simple moving average of $5.32 and a 200-day simple moving average of $4.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.72 and a quick ratio of 2.72.
Safe Bulkers (NYSE:SB – Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The shipping company reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14. The firm had revenue of $75.95 million during the quarter, compared to analyst estimates of $70.00 million. Safe Bulkers had a return on equity of 4.92% and a net margin of 13.99%. Analysts expect that Safe Bulkers, Inc will post 0.62 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in SB. Mercer Global Advisors Inc. ADV purchased a new stake in Safe Bulkers in the 4th quarter valued at about $48,000. Mackenzie Financial Corp bought a new stake in shares of Safe Bulkers during the fourth quarter valued at approximately $59,000. Empowered Funds LLC boosted its holdings in shares of Safe Bulkers by 6.0% in the fourth quarter. Empowered Funds LLC now owns 645,834 shares of the shipping company’s stock valued at $3,113,000 after purchasing an additional 36,356 shares during the period. XTX Topco Ltd grew its stake in Safe Bulkers by 86.5% in the fourth quarter. XTX Topco Ltd now owns 68,984 shares of the shipping company’s stock worth $333,000 after purchasing an additional 32,001 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its stake in Safe Bulkers by 296.2% in the fourth quarter. Susquehanna Fundamental Investments LLC now owns 41,018 shares of the shipping company’s stock worth $198,000 after purchasing an additional 30,664 shares in the last quarter. Hedge funds and other institutional investors own 21.69% of the company’s stock.
About Safe Bulkers
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.