Safe Bulkers (NYSE:SB) Stock Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Safe Bulkers shares rose above their 200-day moving average, reaching $8.83 and last trading near $8.81, up 4.3% with more than 1.4 million shares traded.
• The company beat quarterly expectations, reporting $0.28 in EPS versus a $0.22 estimate and revenue of $87.47 million versus $77.50 million expected.
• Safe Bulkers increased its quarterly dividend to $0.075, equivalent to a 3.4% annual yield. Analysts maintain a “Moderate Buy” consensus, though the average price target of $6.00 is below the current share price.

Safe Bulkers, Inc (NYSE:SB - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $7.32 and traded as high as $8.83. Safe Bulkers shares last traded at $8.8140, with a volume of 1,414,223 shares changing hands.

Wall Street Analyst Weigh In

Separately, 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 equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Safe Bulkers has a consensus rating of "Moderate Buy" and an average price target of $6.00.

Safe Bulkers Trading Up 4.3%

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $897.53 million, a P/E ratio of 11.30 and a beta of 0.97. The firm's 50-day simple moving average is $8.38 and its 200-day simple moving average is $7.32.

Safe Bulkers (NYSE:SB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The shipping company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.06. The firm had revenue of $87.47 million for the quarter, compared to analyst estimates 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 business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Thursday, August 13th were given a $0.0750 dividend. This represents a $0.30 annualized dividend and a yield of 3.4%. This is a boost from Safe Bulkers's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, August 13th. Safe Bulkers's dividend payout ratio (DPR) is presently 38.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in Safe Bulkers by 3.6% during the second 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 in the last quarter. WINTON GROUP Ltd boosted its holdings in shares of Safe Bulkers by 30.3% in the 2nd quarter. WINTON GROUP Ltd now owns 87,356 shares of the shipping company's stock worth $551,000 after purchasing an additional 20,307 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of Safe Bulkers in the 2nd quarter worth about $301,000. Two Sigma Securities LLC bought a new position in shares of Safe Bulkers during the 2nd quarter valued at about $86,000. Finally, Navellier & Associates Inc. bought a new position in shares of Safe Bulkers during the 2nd quarter valued at about $919,000. Institutional investors own 21.69% of the company's stock.

About Safe Bulkers

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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