Safe Bulkers (NYSE:SB) Sets New 12-Month High – Here’s Why

Safe Bulkers, Inc (NYSE:SB) shares hit a new 52-week high on Monday . The company traded as high as $7.80 and last traded at $7.60, with a volume of 49087 shares trading hands. The stock had previously closed at $7.67.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Safe Bulkers from a “buy” rating to a “strong-buy” rating in a research report 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 company. Based on data from MarketBeat.com, Safe Bulkers has a consensus rating of “Hold” and an average price target of $6.00.

Safe Bulkers Stock Performance

The company has a 50 day simple moving average of $6.78 and a 200-day simple moving average of $6.40. 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 stock has a market cap of $765.83 million, a P/E ratio of 16.64 and a beta of 0.84.

Safe Bulkers (NYSE:SB) last announced its quarterly earnings data on Tuesday, July 28th. The shipping company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.22 by $0.06. The firm had revenue of $87.47 million for the quarter, compared to analyst estimates of $77.50 million. Safe Bulkers had a return on equity of 6.45% and a net margin of 18.73%.

Safe Bulkers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, August 13th will be paid a $0.075 dividend. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.06. This represents a $0.30 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Thursday, August 13th. Safe Bulkers’s payout ratio is currently 53.33%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Safe Bulkers by 67.0% in the 1st quarter. AQR Capital Management LLC now owns 68,052 shares of the shipping company’s stock worth $251,000 after acquiring an additional 27,292 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Safe Bulkers by 6.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company’s stock valued at $6,017,000 after purchasing an additional 91,662 shares during the last quarter. Empowered Funds LLC raised its position in Safe Bulkers by 5.4% in the 1st quarter. Empowered Funds LLC now owns 576,229 shares of the shipping company’s stock worth $2,126,000 after purchasing an additional 29,667 shares during the period. Jane Street Group LLC raised its position in Safe Bulkers by 3.7% in the 1st quarter. Jane Street Group LLC now owns 135,870 shares of the shipping company’s stock worth $501,000 after purchasing an additional 4,836 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Safe Bulkers in the 2nd quarter worth $41,000. 21.69% of the stock is owned by hedge funds and other institutional investors.

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.