Safe Bulkers (NYSE:SB) Shares Cross Above 50 Day Moving Average - Time to Sell?

Key Points

• Shares rose above the 50-day moving average: Safe Bulkers traded as high as $8.31 and last changed hands at $8.295, compared with its 50-day average of $8.24.
• Quarterly results beat expectations: The shipping company reported EPS of $0.31 versus $0.28 expected, and revenue of $91.03 million versus forecasts of $85.90 million.
• Dividend increased, while analyst views were mixed: Safe Bulkers raised its quarterly dividend to $0.09 per share, a 4.3% annualized yield. Analysts’ consensus rating was Moderate Buy, although their average $6 price target was below the share price.

Safe Bulkers, Inc (NYSE:SB - Get Free Report)'s share price crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $8.24 and traded as high as $8.31. Safe Bulkers shares last traded at $8.2950, with a volume of 1,474,175 shares traded.

Analyst Ratings Changes

Several analysts have recently commented on SB shares. Weiss Ratings cut Safe Bulkers from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday. Wall Street Zen lowered shares of Safe Bulkers from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $6.00.

Safe Bulkers Stock Up 2.3%

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 50 day moving average price of $8.24 and a 200-day moving average price of $7.17. The firm has a market cap of $844.68 million, a price-to-earnings ratio of 8.46 and a beta of 1.09.

Safe Bulkers (NYSE:SB - Get Free Report) last issued its quarterly earnings data on Monday, November 9th. The shipping company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.03. Safe Bulkers had a net margin of 33.24% and a return on equity of 11.94%. The firm had revenue of $91.03 million for the quarter, compared to analysts' expectations of $85.90 million.

Safe Bulkers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Wednesday, November 25th will be issued a dividend of $0.09 per share. This is a boost from Safe Bulkers's previous quarterly dividend of $0.0750. The ex-dividend date is Wednesday, November 25th. This represents a $0.36 dividend on an annualized basis and a yield of 4.3%. Safe Bulkers's payout ratio is currently 30.61%.

Hedge Funds Weigh In On Safe Bulkers

A number of institutional investors have recently made changes to their positions in SB. Renaissance Technologies LLC lifted its position in shares of Safe Bulkers by 2.0% in the first quarter. Renaissance Technologies LLC now owns 3,557,921 shares of the shipping company's stock valued at $22,522,000 after acquiring an additional 68,155 shares in the last quarter. BlackRock Inc. purchased a new stake in Safe Bulkers during the 2nd quarter worth about $22,450,000. Marshall Wace LLP raised its stake in Safe Bulkers by 1,489.8% in the 3rd quarter. Marshall Wace LLP now owns 1,252,288 shares of the shipping company's stock valued at $10,700,000 after purchasing an additional 1,173,520 shares during the last quarter. State Street Corp raised its stake in Safe Bulkers by 3.6% in the 2nd quarter. State Street Corp now owns 1,648,352 shares of the shipping company's stock valued at $10,500,000 after purchasing an additional 57,381 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in Safe Bulkers by 1.1% in the 3rd quarter. Empowered Funds LLC now owns 714,407 shares of the shipping company's stock valued at $6,101,000 after purchasing an additional 7,924 shares during the last quarter. 21.69% of the stock is owned by institutional investors and hedge funds.

About Safe Bulkers

Safe Bulkers, Inc. is an international dry-bulk shipping company that owns and operates vessels used to transport commodities by sea. Its fleet serves customers involved in the production and trade of bulk goods. The company's vessels carry cargoes such as iron ore, coal and grain on routes around the world. Safe Bulkers was established in 2005 and has focused on providing seaborne transportation for these essential commodities. Safe Bulkers is headquartered in Athens, Greece, and its shares trade on the New York Stock Exchange under the symbol SB.

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