Safe Bulkers (NYSE:SB) Share Price Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Safe Bulkers shares broke above their 200-day moving average, reaching $8.12 before last trading at $7.8150 on volume of about 1.02 million shares.
• The company exceeded quarterly expectations, reporting $0.28 earnings per share versus the $0.22 estimate and revenue of $87.47 million versus the $77.50 million consensus.
• Safe Bulkers increased its quarterly dividend to $0.075 per share, or $0.30 annualized, representing a 3.8% yield; analysts maintain a “Moderate Buy” consensus despite a $6.00 average price target.

Shares of Safe Bulkers, Inc (NYSE:SB - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $7.40 and traded as high as $8.12. Safe Bulkers shares last traded at $7.8150, with a volume of 1,015,713 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded 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 one has given a Hold rating to the company. According to MarketBeat.com, Safe Bulkers currently has a consensus rating of "Moderate Buy" and an average target price of $6.00.

Safe Bulkers Stock Performance

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 stock's 50 day moving average price is $8.45 and its 200 day moving average price is $7.40. The company has a market capitalization of $795.80 million, a P/E ratio of 10.02 and a beta of 0.97.

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 for the quarter, topping analysts' consensus estimates of $0.22 by $0.06. The business had revenue of $87.47 million during the quarter, compared to the consensus estimate of $77.50 million. Safe Bulkers had a net margin of 28.29% and a return on equity of 9.63%.

Safe Bulkers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Thursday, August 13th were issued a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Thursday, August 13th. This is an increase from Safe Bulkers's previous quarterly dividend of $0.06. Safe Bulkers's dividend payout ratio (DPR) is 38.46%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Sei Investments Co. lifted its stake in shares of Safe Bulkers by 692.7% in the 1st quarter. Sei Investments Co. now owns 262,615 shares of the shipping company's stock valued at $1,662,000 after purchasing an additional 229,486 shares during the period. Navellier & Associates Inc. bought a new stake in shares of Safe Bulkers during the 2nd quarter valued at about $919,000. BlackRock Inc. acquired a new stake in Safe Bulkers during the second quarter worth approximately $22,450,000. Bank of New York Mellon Corp acquired a new stake in Safe Bulkers during the second quarter worth approximately $904,000. Finally, Bank of America Corp DE grew its stake in Safe Bulkers by 90.4% during the first quarter. Bank of America Corp DE now owns 452,122 shares of the shipping company's stock worth $2,862,000 after purchasing an additional 214,652 shares during the period. 21.69% of the stock is owned by institutional investors.

Safe Bulkers Company Profile

Safe Bulkers, Inc NYSE: SB is a dry bulk shipping company that owns and operates vessels used to transport major bulk commodities by sea. Its fleet serves the international supply chains for cargoes such as iron ore, coal, grain and other agricultural products.

The company operates a range of dry bulk vessels, including Panamax, Kamsarmax, Ultramax, Handysize and Post-Panamax ships. Safe Bulkers provides transportation services to a global customer base, with vessels trading on international routes and serving ports across major shipping regions.

Safe Bulkers was established in 2007 and is incorporated in the Marshall Islands.

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