BlackRock Inc. Makes New $22.45 Million Investment in Safe Bulkers, Inc $SB

Key Points

• BlackRock acquired 3.56 million Safe Bulkers shares worth approximately $22.45 million, giving it a 3.49% stake. Institutional investors and hedge funds collectively own 21.69% of the company.
• Safe Bulkers reported quarterly EPS of $0.28, beating estimates by $0.06, while revenue of $87.47 million exceeded expectations. The company also raised its quarterly dividend to $0.075, or $0.30 annually, yielding about 3.3%.
• Analyst sentiment is mixed: Safe Bulkers was downgraded from “strong buy” to “buy,” while the broader analyst consensus remains “Hold” with a $6.00 average price target.

BlackRock Inc. purchased a new position in shares of Safe Bulkers, Inc (NYSE:SB - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 3,557,913 shares of the shipping company's stock, valued at approximately $22,450,000. BlackRock Inc. owned approximately 3.49% of Safe Bulkers at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in shares of Safe Bulkers by 77.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company's stock valued at $31,000 after buying an additional 2,150 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Safe Bulkers by 73.4% during the second quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company's stock valued at $40,000 after acquiring an additional 4,692 shares in the last quarter. Cetera Investment Advisers bought a new position in Safe Bulkers during the second quarter valued at approximately $41,000. Susquehanna Fundamental Investments LLC acquired a new stake in Safe Bulkers in the third quarter valued at approximately $46,000. Finally, Evergreen Capital Management LLC acquired a new stake in Safe Bulkers in the second quarter valued at approximately $46,000. 21.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Safe Bulkers from a "strong-buy" rating to a "buy" rating in a research 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's stock. According to data from MarketBeat.com, Safe Bulkers presently has an average rating of "Hold" and an average price target of $6.00.

Safe Bulkers Stock Performance

Shares of NYSE SB opened at $9.11 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $927.19 million, a price-to-earnings ratio of 11.67 and a beta of 0.82. The business's 50-day simple moving average is $7.51 and its 200-day simple moving average is $6.88. Safe Bulkers, Inc has a 52 week low of $4.14 and a 52 week high of $9.11.

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

Safe Bulkers Increases Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Thursday, August 13th. This is a boost from Safe Bulkers's previous quarterly dividend of $0.06. Safe Bulkers's dividend payout ratio (DPR) is 38.46%.

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.

Want to see what other hedge funds are holding SB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Safe Bulkers, Inc (NYSE:SB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source