Safe Bulkers (NYSE:SB) Sets New 12-Month High - Here's What Happened

Key Points

• Safe Bulkers shares reached a new 52-week high, trading as high as $7.80 before closing at $7.60. Wall Street Zen upgraded the stock to “strong-buy,” although the broader analyst consensus remains “Hold” with a $6.00 price target.
• The company exceeded quarterly expectations, reporting earnings per share of $0.18 versus the $0.10 consensus and revenue of $74.39 million compared with estimates of $65.50 million.
• Safe Bulkers increased its quarterly dividend to $0.06, representing an annualized payout of $0.24 and a 3.2% yield. Institutional investors own 21.69% of the company, with several firms increasing their positions.

Safe Bulkers, Inc (NYSE:SB - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $7.80 and last traded at $7.60, with a volume of 49087 shares. The stock had previously closed at $7.67.

Wall Street Analyst Weigh In

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

Safe Bulkers Stock Performance

The company has a market cap of $771.55 million, a P/E ratio of 16.74 and a beta of 0.84. The business's 50 day simple moving average is $6.76 and its 200 day simple moving average is $6.36. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.46.

Safe Bulkers (NYSE:SB - Get Free Report) last posted its quarterly earnings results on Wednesday, June 17th. The shipping company reported $0.18 earnings per share 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 analyst estimates of $65.50 million. Safe Bulkers had a net margin of 18.73% and a return on equity of 6.45%.

Safe Bulkers Increases Dividend

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

Institutional Investors Weigh In On Safe Bulkers

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in shares of Safe Bulkers by 189.7% in the first quarter. Parallel Advisors LLC now owns 12,404 shares of the shipping company's stock valued at $79,000 after acquiring an additional 8,122 shares in the last quarter. Bank of America Corp DE grew its position in shares of Safe Bulkers by 90.4% during the first quarter. Bank of America Corp DE now owns 452,122 shares of the shipping company's stock worth $2,862,000 after purchasing an additional 214,652 shares in the last quarter. Empowered Funds LLC grew its position in shares of Safe Bulkers by 2.8% during the first quarter. Empowered Funds LLC now owns 663,731 shares of the shipping company's stock worth $4,201,000 after purchasing an additional 17,897 shares in the last quarter. Quantinno Capital Management LP raised its stake in Safe Bulkers by 14.7% during the 1st quarter. Quantinno Capital Management LP now owns 43,114 shares of the shipping company's stock valued at $273,000 after purchasing an additional 5,531 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in Safe Bulkers during the 1st quarter valued at approximately $1,625,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.