Safe Bulkers (NYSE:SB) Reaches New 52-Week High - Still a Buy?

Key Points

• Shares of Safe Bulkers hit a new 52-week high, trading as high as $6.84 and last at $6.9260 on light volume (9,162 shares), with the 50-day and 200-day moving averages at $6.39 and $5.54 respectively.
• Safe Bulkers reported quarterly EPS of $0.14, matching estimates, and revenue of $72.57 million which beat the $70.00 million consensus; the company has a market cap of $715.3 million and a P/E of 23.32, with ROE 4.91% and net margin 13.99%.
• The company declared a quarterly dividend of $0.05 (annualized $0.20) for a yield of 2.9% and a payout ratio of 66.67%, while institutional investors own about 21.69% of the stock with recent position increases by firms like AQR and Goldman Sachs.

Shares of Safe Bulkers, Inc (NYSE:SB - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $6.84 and last traded at $6.9260, with a volume of 9162 shares trading hands. The stock had previously closed at $6.71.

Safe Bulkers Trading Up 4.2%

The company has a 50 day moving average of $6.39 and a 200 day moving average of $5.54. The company has a current ratio of 2.90, a quick ratio of 2.63 and a debt-to-equity ratio of 0.60. The firm has a market cap of $715.31 million, a price-to-earnings ratio of 23.32 and a beta of 0.89.

Safe Bulkers (NYSE:SB - Get Free Report) last announced its quarterly earnings results on Saturday, February 14th. The shipping company reported $0.14 EPS for the quarter, meeting the consensus estimate of $0.14. The business had revenue of $72.57 million for the quarter, compared to analyst estimates of $70.00 million. Safe Bulkers had a return on equity of 4.91% and a net margin of 13.99%.

Safe Bulkers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Monday, March 2nd were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.20 annualized dividend and a yield of 2.9%. Safe Bulkers's payout ratio is currently 66.67%.

Institutional Trading of Safe Bulkers

Several institutional investors have recently bought and sold shares of SB. AQR Capital Management LLC raised its position in Safe Bulkers by 67.0% in the 1st quarter. AQR Capital Management LLC now owns 68,052 shares of the shipping company's stock valued at $251,000 after purchasing an additional 27,292 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Safe Bulkers by 6.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company's stock worth $6,017,000 after acquiring an additional 91,662 shares during the last quarter. Empowered Funds LLC raised its position in shares of Safe Bulkers by 5.4% during the first quarter. Empowered Funds LLC now owns 576,229 shares of the shipping company's stock worth $2,126,000 after acquiring an additional 29,667 shares during the last quarter. Jane Street Group LLC raised its position in shares of Safe Bulkers by 3.7% during the first quarter. Jane Street Group LLC now owns 135,870 shares of the shipping company's stock worth $501,000 after acquiring an additional 4,836 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Safe Bulkers during the second quarter worth $41,000. Institutional investors and hedge funds own 21.69% of the company's stock.

About Safe Bulkers

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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