Safe Bulkers (NYSE:SB) Reaches New 1-Year High - Time to Buy?

Key Points

• Safe Bulkers shares hit a new 52-week high, reaching $8.07 and trading about 4.5% higher at $8.05. The stock is above its 50-day and 200-day moving averages of $7.06 and $6.62, respectively.
• The company beat quarterly expectations, reporting EPS of $0.28 versus the $0.22 consensus and revenue of $87.47 million versus $77.50 million expected.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $6.00. Safe Bulkers also raised its quarterly dividend to $0.075, equivalent to a 3.7% annualized yield.

Safe Bulkers, Inc (NYSE:SB - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $8.07 and last traded at $8.05, with a volume of 491107 shares trading hands. The stock had previously closed at $7.75.

Analyst Ratings Changes

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

Safe Bulkers Trading Up 4.5%

The company's fifty day moving average price is $7.06 and its two-hundred day moving average price is $6.62. 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 company has a market cap of $824.82 million, a price-to-earnings ratio of 10.38 and a beta of 0.84.

Safe Bulkers (NYSE:SB - Get Free Report) last announced its earnings results on Tuesday, July 28th. The shipping company reported $0.28 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $77.50 million.

Safe Bulkers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, August 13th will be paid a $0.075 dividend. This is an increase from Safe Bulkers's previous quarterly dividend of $0.06. This represents a $0.30 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Thursday, August 13th. Safe Bulkers's payout ratio is presently 38.46%.

Institutional Trading of Safe Bulkers

Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its position in Safe Bulkers by 77.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company's stock worth $31,000 after buying an additional 2,150 shares in the last quarter. Legal & General Group Plc acquired a new stake in Safe Bulkers in the 2nd quarter valued at about $34,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Safe Bulkers in the fourth quarter worth about $48,000. Public Employees Retirement System of Ohio bought a new position in shares of Safe Bulkers in the fourth quarter worth about $49,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Safe Bulkers during the third quarter worth approximately $46,000. 21.69% of the stock is currently owned by institutional investors and hedge funds.

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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