Safe Bulkers (NYSE:SB) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Safe Bulkers, Inc (NYSE:SB) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $6.15 and traded as high as $6.75. Safe Bulkers shares last traded at $6.7250, with a volume of 900,670 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen raised 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 given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $6.00.

Safe Bulkers Stock Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a fifty day simple moving average of $6.72 and a 200 day simple moving average of $6.15. The company has a market cap of $687.70 million, a price-to-earnings ratio of 14.94 and a beta of 0.84.

Safe Bulkers (NYSE:SB) last issued its quarterly earnings data on Thursday, June 18th. 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 analysts’ expectations 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 will be paid on Thursday, July 16th. Investors of record on Tuesday, June 30th will be issued a $0.06 dividend. This is a boost from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, June 30th. This represents a $0.24 annualized dividend and a yield of 3.6%. Safe Bulkers’s payout ratio is 53.33%.

Hedge Funds Weigh In On Safe Bulkers

Large investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its stake in Safe Bulkers by 189.7% during the 1st quarter. Parallel Advisors LLC now owns 12,404 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 8,122 shares during the period. Bank of America Corp DE increased its position in Safe Bulkers by 90.4% in the 1st quarter. Bank of America Corp DE now owns 452,122 shares of the shipping company’s stock worth $2,862,000 after buying an additional 214,652 shares during the period. Empowered Funds LLC lifted its holdings 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 buying an additional 17,897 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Safe Bulkers by 14.7% during the first quarter. Quantinno Capital Management LP now owns 43,114 shares of the shipping company’s stock worth $273,000 after buying an additional 5,531 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Safe Bulkers in the first quarter valued at approximately $1,625,000. Institutional investors and hedge funds own 21.69% of the company’s stock.

About Safe Bulkers

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.