Costamare Inc. (CMRE) to Issue Quarterly Dividend of $0.12 on May 6th

Costamare Inc. (NYSE:CMRE) declared a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Investors of record on Friday, April 19th will be given a dividend of 0.115 per share by the shipping company on Monday, May 6th. This represents a $0.46 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, April 18th.

Costamare has raised its dividend payment by an average of 4.8% per year over the last three years. Costamare has a dividend payout ratio of 17.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Costamare to earn $2.59 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

Costamare Stock Up 0.5 %

Shares of NYSE CMRE opened at $11.07 on Tuesday. The company has a 50 day simple moving average of $11.24 and a 200-day simple moving average of $10.38. The company has a market capitalization of $1.30 billion, a P/E ratio of 3.75 and a beta of 1.38. Costamare has a 1 year low of $7.71 and a 1 year high of $11.85. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.69 and a quick ratio of 1.59.

Costamare (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. The firm had revenue of $494.85 million during the quarter, compared to analyst estimates of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same period in the previous year, the company earned $0.61 earnings per share. On average, equities research analysts predict that Costamare will post 2.73 earnings per share for the current year.

Institutional Investors Weigh In On Costamare

A number of institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Costamare by 1,877.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,689 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 2,553 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Costamare by 157.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,290 shares of the shipping company’s stock worth $47,000 after buying an additional 3,232 shares during the period. Sunbelt Securities Inc. acquired a new stake in Costamare in the second quarter worth $51,000. Lazard Asset Management LLC boosted its position in shares of Costamare by 66.7% during the first quarter. Lazard Asset Management LLC now owns 7,737 shares of the shipping company’s stock worth $131,000 after purchasing an additional 3,097 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Costamare in the 1st quarter valued at $95,000. 58.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Costamare from a “hold” rating to a “buy” rating in a report on Thursday, April 11th.

Costamare Company Profile

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.