Costamare Inc. (NYSE:CMRE) to Issue Quarterly Dividend of $0.12

Costamare Inc. (NYSE:CMRE - Get Free Report) announced a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Stockholders of record on Friday, April 19th will be paid a dividend of 0.115 per share by the shipping company on Monday, May 6th. This represents a $0.46 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Thursday, April 18th.

Costamare has increased its dividend by an average of 4.8% per year over the last three years. Costamare has a dividend payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Costamare to earn $2.59 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

Costamare Stock Up 3.3 %

Shares of NYSE CMRE traded up $0.37 during midday trading on Wednesday, hitting $11.54. 392,345 shares of the company's stock were exchanged, compared to its average volume of 457,932. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.69 and a quick ratio of 1.59. Costamare has a twelve month low of $7.71 and a twelve month high of $11.85. The company has a market cap of $1.36 billion, a PE ratio of 3.91 and a beta of 1.38. The firm's fifty day simple moving average is $11.15 and its 200-day simple moving average is $10.27.

Costamare (NYSE:CMRE - Get Free Report) last released its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.62 by $0.06. The company had revenue of $494.85 million for the quarter, compared to analyst estimates of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same quarter in the previous year, the company posted $0.61 earnings per share. Research analysts predict that Costamare will post 2.73 EPS for the current fiscal year.

Institutional Trading of Costamare

Institutional investors have recently modified their holdings of the business. UBS Group AG boosted its stake in shares of Costamare by 39.9% in the third quarter. UBS Group AG now owns 19,571 shares of the shipping company's stock valued at $175,000 after buying an additional 5,580 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Costamare in the fourth quarter valued at approximately $157,000. Cipher Capital LP boosted its stake in shares of Costamare by 35.3% in the second quarter. Cipher Capital LP now owns 14,993 shares of the shipping company's stock valued at $145,000 after buying an additional 3,910 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Costamare by 1,053.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,469 shares of the shipping company's stock valued at $140,000 after buying an additional 12,301 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Costamare in the second quarter valued at approximately $133,000. 58.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered Costamare from a "buy" rating to a "hold" rating in a report on Wednesday, March 6th.

About Costamare

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.