Safe Bulkers (NYSE:SB) Reaches New 52-Week High - Should You Buy?

Key Points

• Safe Bulkers reached a new 52-week high of $8.64, with the stock last trading near $8.55. Despite the rally, analysts’ consensus rating remains “Hold,” with a $6.00 price target.
• The company beat quarterly earnings expectations, reporting $0.28 in EPS versus the $0.22 consensus, while revenue reached $87.47 million compared with estimates of $77.50 million.
• Safe Bulkers increased its quarterly dividend to $0.075 per share, equivalent to a 3.5% yield, and institutional investors collectively own 21.69% of the company.

Safe Bulkers, Inc (NYSE:SB - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $8.64 and last traded at $8.5450, with a volume of 112309 shares. The stock had previously closed at $8.53.

Analyst Ratings Changes

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

Safe Bulkers Trading Down 0.5%

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 business's fifty day moving average is $7.22 and its 200 day moving average is $6.71. The stock has a market cap of $864.03 million, a PE ratio of 10.88 and a beta of 0.84.

Safe Bulkers (NYSE:SB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The shipping company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.06. The business had revenue of $87.47 million during the quarter, compared to analysts' expectations of $77.50 million. Safe Bulkers had a return on equity of 9.63% and a net margin of 28.29%.

Safe Bulkers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, August 13th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Thursday, August 13th. 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 dividend yield of 3.5%. Safe Bulkers's dividend payout ratio is 38.46%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SB. California State Teachers Retirement System boosted its stake in shares of Safe Bulkers by 63.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,543 shares of the shipping company's stock worth $29,000 after purchasing an additional 1,762 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Safe Bulkers by 77.7% during the first quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company's stock worth $31,000 after acquiring an additional 2,150 shares during the last quarter. Legal & General Group Plc purchased a new stake in Safe Bulkers in the 2nd quarter worth approximately $34,000. Tower Research Capital LLC TRC grew its stake in Safe Bulkers by 73.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company's stock worth $40,000 after acquiring an additional 4,692 shares during the period. Finally, Cetera Investment Advisers acquired a new position in Safe Bulkers in the 2nd quarter valued at $41,000. Institutional investors and hedge funds own 21.69% of the company's stock.

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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