Safe Bulkers (NYSE:SB) Sees Large Volume Increase - What's Next?

Key Points

• Safe Bulkers shares traded unusually heavy volume, with about 1.39 million shares changing hands, roughly double the prior day’s volume. The stock was last seen trading slightly higher at $7.1450 versus a previous close of $6.96.
• Analysts remain cautious overall, with Safe Bulkers carrying a consensus “Hold” rating and an average price target of $6.00, though Wall Street Zen recently upgraded the stock to strong-buy.
• The company raised its quarterly dividend to $0.06 per share from $0.05, bringing the annualized yield to about 3.4%. Safe Bulkers also beat quarterly earnings and revenue expectations in its latest results.

Shares of Safe Bulkers, Inc (NYSE:SB - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 1,385,843 shares traded hands during mid-day trading, an increase of 100% from the previous session's volume of 693,075 shares.The stock last traded at $7.1450 and had previously closed at $6.96.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Safe Bulkers from a "buy" rating to a "strong-buy" rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Safe Bulkers presently has a consensus rating of "Hold" and a consensus target price of $6.00.

Safe Bulkers Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market cap of $728.60 million, a price-to-earnings ratio of 15.83 and a beta of 0.84. The company has a fifty day moving average of $6.73 and a two-hundred day moving average of $6.21.

Safe Bulkers (NYSE:SB - Get Free Report) last issued its earnings results on Thursday, June 18th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.08. The business had revenue of $74.39 million during the quarter, compared to analysts' expectations of $65.50 million. Safe Bulkers had a return on equity of 6.45% and a net margin of 18.73%.

Safe Bulkers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 16th. Stockholders of record on Tuesday, June 30th will be paid a $0.06 dividend. This is an increase from Safe Bulkers's previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Safe Bulkers's payout ratio is currently 53.33%.

Institutional Investors Weigh In On Safe Bulkers

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its position in Safe Bulkers by 77.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company's stock valued at $31,000 after acquiring an additional 2,150 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of Safe Bulkers in the fourth quarter worth $48,000. Public Employees Retirement System of Ohio acquired a new stake in Safe Bulkers in the fourth quarter valued at $49,000. Susquehanna Fundamental Investments LLC bought a new position in Safe Bulkers during the 3rd quarter worth $46,000. Finally, Tower Research Capital LLC TRC raised its position in Safe Bulkers by 73.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company's stock worth $40,000 after purchasing an additional 4,692 shares during the last quarter. 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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