Bank of America Corp DE Boosts Position in Safe Bulkers, Inc $SB

Key Points

• Bank of America nearly doubled its Safe Bulkers stake in the first quarter, purchasing 214,652 additional shares to own 452,122 shares, or approximately 0.44% of the company. Institutional investors collectively own 21.69% of the stock.
• Safe Bulkers reported quarterly EPS of $0.28, exceeding the $0.22 analyst consensus, while revenue of $87.47 million also topped expectations. The company increased its quarterly dividend from $0.06 to $0.075 per share, implying a 3.5% annualized yield.
• Despite the stronger results and stock trading near its 52-week high at $8.65, analyst sentiment remains cautious: the consensus rating is “Hold” with an average price target of $6.00.

Bank of America Corp DE boosted its holdings in Safe Bulkers, Inc (NYSE:SB - Free Report) by 90.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 452,122 shares of the shipping company's stock after purchasing an additional 214,652 shares during the quarter. Bank of America Corp DE owned about 0.44% of Safe Bulkers worth $2,862,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its position in shares of Safe Bulkers by 2.0% during the first quarter. Renaissance Technologies LLC now owns 3,557,921 shares of the shipping company's stock worth $22,522,000 after purchasing an additional 68,155 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in 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 purchasing an additional 617,711 shares during the period. Ameriprise Financial Inc. grew its position in Safe Bulkers by 5.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,314,711 shares of the shipping company's stock worth $4,739,000 after purchasing an additional 62,931 shares during the last quarter. Bridgeway Capital Management LLC grew its position in Safe Bulkers by 3.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,187,934 shares of the shipping company's stock worth $5,726,000 after purchasing an additional 36,356 shares during the last quarter. Finally, Fearnley Asset Management AS acquired a new position in Safe Bulkers in the fourth quarter valued at $5,112,000. 21.69% of the stock is currently owned by hedge funds and other institutional investors.

Safe Bulkers Price Performance

Shares of NYSE SB opened at $8.65 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.00 and a current ratio of 1.00. Safe Bulkers, Inc has a one year low of $4.14 and a one year high of $8.76. The firm has a market capitalization of $880.83 million, a P/E ratio of 11.09 and a beta of 0.84. The company's fifty day moving average is $7.44 and its two-hundred day moving average is $6.83.

Safe Bulkers (NYSE:SB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The shipping company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.06. Safe Bulkers had a net margin of 28.29% and a return on equity of 9.63%. The business had revenue of $87.47 million during the quarter, compared to the consensus estimate of $77.50 million.

Safe Bulkers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Thursday, August 13th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, August 13th. This is an increase from Safe Bulkers's previous quarterly dividend of $0.06. Safe Bulkers's dividend payout ratio (DPR) is 38.46%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Safe Bulkers from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $6.00.

Safe Bulkers 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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