Safe Bulkers (NYSE:SB) Reaches New 1-Year High – Still a Buy?

Safe Bulkers, Inc (NYSE:SB) hit a new 52-week high on Tuesday . The stock traded as high as $7.38 and last traded at $7.3650, with a volume of 380775 shares. The stock had previously closed at $7.16.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Safe Bulkers from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.00.

Safe Bulkers Price Performance

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $6.74 and its two-hundred day moving average price is $6.33. The stock has a market cap of $753.14 million, a PE ratio of 16.37 and a beta of 0.84.

Safe Bulkers (NYSE:SB) last issued its quarterly earnings data on Wednesday, June 17th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.08. The company had revenue of $74.39 million for 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Tuesday, June 30th were paid a dividend of $0.06 per share. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, June 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.3%. Safe Bulkers’s dividend payout ratio (DPR) is currently 53.33%.

Hedge Funds Weigh In On Safe Bulkers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC raised its holdings in Safe Bulkers by 189.7% in the first quarter. Parallel Advisors LLC now owns 12,404 shares of the shipping company’s stock worth $79,000 after purchasing an additional 8,122 shares in the last quarter. Bank of America Corp DE lifted 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 valued at $2,862,000 after buying an additional 214,652 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Safe Bulkers by 2.8% in the 1st quarter. Empowered Funds LLC now owns 663,731 shares of the shipping company’s stock valued at $4,201,000 after buying an additional 17,897 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of Safe Bulkers by 14.7% during the 1st quarter. Quantinno Capital Management LP now owns 43,114 shares of the shipping company’s stock worth $273,000 after acquiring an additional 5,531 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in Safe Bulkers during the first quarter valued at approximately $1,625,000. Hedge funds and other institutional investors 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.