Lazard Asset Management LLC Makes New $1.62 Million Investment in Safe Bulkers, Inc $SB

Key Points

• Lazard Asset Management acquired 256,734 Safe Bulkers shares worth approximately $1.62 million, representing about 0.25% of the company. Institutional investors collectively own 21.69% of the stock.
• Safe Bulkers exceeded quarterly expectations, reporting $0.28 in EPS versus the $0.22 consensus and revenue of $87.47 million versus $77.50 million expected.
• The company raised its quarterly dividend to $0.075 per share, equivalent to a 3.8% annualized yield. Despite the dividend increase, analysts maintain a consensus “Hold” rating with a $6.00 average price target.

Lazard Asset Management LLC purchased a new position in shares of Safe Bulkers, Inc (NYSE:SB - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 256,734 shares of the shipping company's stock, valued at approximately $1,625,000. Lazard Asset Management LLC owned approximately 0.25% of Safe Bulkers at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SB. UBS Group AG increased its position in Safe Bulkers by 17.3% during the 4th quarter. UBS Group AG now owns 806,379 shares of the shipping company's stock valued at $3,887,000 after buying an additional 118,681 shares in the last quarter. Fearnley Asset Management AS acquired a new stake in Safe Bulkers in the fourth quarter worth about $5,112,000. Renaissance Technologies LLC boosted its holdings in Safe Bulkers by 2.0% in the first quarter. Renaissance Technologies LLC now owns 3,557,921 shares of the shipping company's stock worth $22,522,000 after acquiring an additional 68,155 shares in the last quarter. Nuveen LLC grew its stake in shares of Safe Bulkers by 35.7% during the fourth quarter. Nuveen LLC now owns 182,080 shares of the shipping company's stock worth $878,000 after acquiring an additional 47,880 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Safe Bulkers by 6.0% during the fourth quarter. Empowered Funds LLC now owns 645,834 shares of the shipping company's stock worth $3,113,000 after acquiring an additional 36,356 shares during the last quarter. Hedge funds and other institutional investors own 21.69% of the company's stock.

Safe Bulkers Trading Up 1.0%

Safe Bulkers stock opened at $7.89 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.39. Safe Bulkers, Inc has a 52 week low of $3.90 and a 52 week high of $8.05. The company has a market capitalization of $803.03 million, a price-to-earnings ratio of 10.11 and a beta of 0.84. The stock has a 50-day moving average price of $6.87 and a 200 day moving average price of $6.47.

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

Safe Bulkers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, August 13th will be issued a $0.075 dividend. This is an increase from Safe Bulkers's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.30 annualized dividend and a dividend yield of 3.8%. Safe Bulkers's payout ratio is currently 30.77%.

Wall Street Analysts Forecast Growth

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

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.

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