Safe Bulkers (NYSE:SB) Sets New 1-Year High - What's Next?

Key Points

• Safe Bulkers reached a new 52-week high, trading as high as $9.31, although shares later slipped about 1.4%. The stock is trading well above its 50-day and 200-day moving averages.
• The company’s latest quarterly results exceeded expectations, with earnings of $0.28 per share versus the $0.22 consensus and revenue of $87.47 million versus $77.50 million expected.
• Safe Bulkers increased its quarterly dividend to $0.075 from $0.06, implying a $0.30 annualized payout and a 3.3% yield. Despite recent institutional buying, analysts maintain an average “Hold” rating with a $6.00 consensus price target.

Safe Bulkers, Inc (NYSE:SB - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $9.31 and last traded at $9.1350, with a volume of 1084781 shares changing hands. The stock had previously closed at $9.17.

Analyst Upgrades and Downgrades

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

Safe Bulkers Stock Down 1.4%

The company's 50 day moving average price is $7.68 and its two-hundred day moving average price is $6.94. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.39. The firm has a market cap of $921.05 million, a PE ratio of 11.71 and a beta of 0.82.

Safe Bulkers (NYSE:SB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The shipping company reported $0.28 EPS for the quarter, beating 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 business had revenue of $87.47 million for the quarter, compared to analysts' expectations of $77.50 million.

Safe Bulkers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Thursday, August 13th were given a $0.075 dividend. This is a positive change from Safe Bulkers's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.30 annualized dividend and a yield of 3.3%. Safe Bulkers's dividend payout ratio is presently 38.46%.

Hedge Funds Weigh In On Safe Bulkers

Several institutional investors have recently bought and sold shares of SB. Sei Investments Co. increased its holdings in shares of Safe Bulkers by 692.7% during the first quarter. Sei Investments Co. now owns 262,615 shares of the shipping company's stock valued at $1,662,000 after acquiring an additional 229,486 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Safe Bulkers during the first quarter valued at $1,625,000. Manatuck Hill Partners LLC acquired a new position in shares of Safe Bulkers in the 2nd quarter valued at about $1,641,000. BlackRock Inc. purchased a new stake in Safe Bulkers in the 2nd quarter worth approximately $22,450,000. Finally, Empowered Funds LLC purchased a new stake in Safe Bulkers during the second quarter worth $4,458,000. 21.69% of the stock is owned by hedge funds and other institutional investors.

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.

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