Safe Bulkers (NYSE:SB) Shares Gap Down Following Weak Earnings

Safe Bulkers, Inc. (NYSE:SB)’s stock price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.14, but opened at $4.90. Safe Bulkers shares last traded at $4.95, with a volume of 218,531 shares traded.

The shipping company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). Safe Bulkers had a return on equity of 9.05% and a net margin of 27.20%. The company had revenue of $81.67 million for the quarter. During the same quarter in the prior year, the company posted $0.10 EPS.

Safe Bulkers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Friday, March 1st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.20 annualized dividend and a dividend yield of 4.01%. Safe Bulkers’s dividend payout ratio is presently 32.26%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group upgraded Safe Bulkers from a “hold” rating to a “buy” rating and lifted their price target for the stock from $4.00 to $6.00 in a report on Tuesday, February 27th.

Hedge Funds Weigh In On Safe Bulkers

Several large investors have recently modified their holdings of SB. Sigma Planning Corp bought a new stake in Safe Bulkers in the 3rd quarter valued at $37,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in Safe Bulkers in the 4th quarter worth about $46,000. Jump Financial LLC bought a new stake in Safe Bulkers in the 3rd quarter valued at about $41,000. Welch Group LLC grew its position in shares of Safe Bulkers by 30.0% during the 4th quarter. Welch Group LLC now owns 13,000 shares of the shipping company’s stock worth $51,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. acquired a new stake in shares of Safe Bulkers in the third quarter valued at approximately $43,000. 21.69% of the stock is owned by institutional investors.

Safe Bulkers Trading Down 2.9 %

The firm has a market capitalization of $556.93 million, a P/E ratio of 8.30 and a beta of 1.02. The company has a quick ratio of 2.33, a current ratio of 2.63 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average of $4.83 and a 200-day moving average of $4.14.

About Safe Bulkers

Safe Bulkers, Inc, together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. The company has a fleet of 47 drybulk vessels having an aggregate carrying capacity of 4,719,600 deadweight tons.