Denali Advisors LLC Grows Stake in Safe Bulkers, Inc $SB

Key Points

• Denali Advisors LLC increased its ownership in Safe Bulkers, Inc. by 6.9% in Q2, holding approximately 930,081 shares valued at about $3.36 million.
• Several hedge funds, including Goldman Sachs and Bank of New York Mellon, have also raised their stakes in Safe Bulkers, indicating growing institutional interest.
• A recent earnings report showed that Safe Bulkers missed EPS estimates with reported earnings of $0.01, but reported revenue exceeding expectations at $65.75 million.

Denali Advisors LLC grew its holdings in Safe Bulkers, Inc (NYSE:SB - Free Report) by 6.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 930,081 shares of the shipping company's stock after acquiring an additional 59,666 shares during the quarter. Denali Advisors LLC owned about 0.88% of Safe Bulkers worth $3,358,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. New York State Common Retirement Fund grew its stake in Safe Bulkers by 14.0% during the 1st quarter. New York State Common Retirement Fund now owns 243,159 shares of the shipping company's stock worth $897,000 after buying an additional 29,800 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Safe Bulkers by 6.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company's stock worth $6,017,000 after buying an additional 91,662 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Safe Bulkers by 6.5% during the 1st quarter. Bank of New York Mellon Corp now owns 167,314 shares of the shipping company's stock worth $617,000 after buying an additional 10,254 shares during the last quarter. Regatta Capital Group LLC purchased a new position in shares of Safe Bulkers in the 2nd quarter valued at approximately $36,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Safe Bulkers in the 2nd quarter valued at approximately $381,000. Hedge funds and other institutional investors own 21.69% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SB shares. Zacks Research upgraded Safe Bulkers from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. Weiss Ratings reiterated a "hold (c)" rating on shares of Safe Bulkers in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.47.

Safe Bulkers Stock Performance

NYSE SB opened at $4.28 on Wednesday. The stock has a market cap of $437.93 million, a price-to-earnings ratio of 9.95 and a beta of 1.28. The business has a fifty day moving average of $4.39 and a 200-day moving average of $3.96. Safe Bulkers, Inc has a fifty-two week low of $3.02 and a fifty-two week high of $4.72. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.60.

Safe Bulkers (NYSE:SB - Get Free Report) last released its earnings results on Tuesday, July 29th. The shipping company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.07). The business had revenue of $65.75 million during the quarter, compared to analyst estimates of $60.40 million. Safe Bulkers had a net margin of 19.25% and a return on equity of 5.80%. As a group, analysts predict that Safe Bulkers, Inc will post 0.62 earnings per share for the current fiscal year.

Safe Bulkers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Thursday, August 21st were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 4.7%. The ex-dividend date was Thursday, August 21st. Safe Bulkers's dividend payout ratio is presently 46.51%.

Safe Bulkers Profile

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.

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