Safe Bulkers (NYSE:SB) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Safe Bulkers beat quarterly expectations: The company reported $0.28 in EPS versus the $0.22 consensus estimate and revenue of $87.47 million, above expectations of $77.50 million.
• Dividend increased: Safe Bulkers raised its quarterly dividend from $0.05 to $0.06 per share, implying an annualized dividend of $0.24 and a 3.2% yield.
• Shares edged lower despite the earnings beat: The stock fell 0.4% to $7.49, while analysts maintained an overall “Hold” rating with a $6.00 consensus price target.

Safe Bulkers (NYSE:SB - Get Free Report) issued its quarterly earnings results on Tuesday. The shipping company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.22 by $0.06, FiscalAI reports. The company had revenue of $87.47 million during the quarter, compared to analysts' expectations of $77.50 million. Safe Bulkers had a net margin of 18.73% and a return on equity of 6.45%.

Safe Bulkers Stock Down 0.4%

Shares of NYSE:SB traded down $0.03 during trading on Tuesday, hitting $7.49. 585,400 shares of the company's stock traded hands, compared to its average volume of 718,825. Safe Bulkers has a 52 week low of $3.61 and a 52 week high of $7.80. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.46. The company has a market cap of $765.82 million, a price-to-earnings ratio of 16.64 and a beta of 0.84. The company has a 50-day moving average price of $6.77 and a 200-day moving average price of $6.38.

Safe Bulkers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.06 per share. This is an increase from Safe Bulkers's previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 30th. Safe Bulkers's payout ratio is 53.33%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Safe Bulkers from a "buy" rating to a "strong-buy" rating in a report on Monday, June 29th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $6.00.

Institutional Trading of Safe Bulkers

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its stake in Safe Bulkers by 67.0% in the first quarter. AQR Capital Management LLC now owns 68,052 shares of the shipping company's stock valued at $251,000 after buying an additional 27,292 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Safe Bulkers by 6.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company's stock valued at $6,017,000 after buying an additional 91,662 shares during the period. Empowered Funds LLC increased 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 in the last quarter. Jane Street Group LLC increased 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 in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Safe Bulkers during the second quarter worth $41,000. 21.69% of the stock is owned by institutional investors.

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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