Safe Bulkers (NYSE:SB) Shares Gap Up Following Strong Earnings

Safe Bulkers, Inc (NYSE:SB) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $6.45, but opened at $6.90. Safe Bulkers shares last traded at $6.6420, with a volume of 266,309 shares changing hands.

The shipping company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.08. Safe Bulkers had a net margin of 13.99% and a return on equity of 4.91%. The firm had revenue of $74.39 million for the quarter, compared to the consensus estimate of $65.50 million.

Safe Bulkers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Tuesday, June 30th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.6%. This is a positive change from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, June 30th. Safe Bulkers’s payout ratio is presently 66.67%.

Analyst Ratings Changes

Separately, Wall Street Zen cut Safe Bulkers from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.00.

Institutional Investors Weigh In On Safe Bulkers

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC grew its position in shares of Safe Bulkers by 2.0% during the 1st quarter. Renaissance Technologies LLC now owns 3,557,921 shares of the shipping company’s stock valued at $22,522,000 after buying an additional 68,155 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Safe Bulkers by 30.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,651,114 shares of the shipping company’s stock worth $12,778,000 after acquiring an additional 617,711 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Safe Bulkers by 5.0% in the second quarter. Ameriprise Financial Inc. now owns 1,314,711 shares of the shipping company’s stock worth $4,739,000 after acquiring an additional 62,931 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake in Safe Bulkers by 3.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,187,934 shares of the shipping company’s stock valued at $5,726,000 after acquiring an additional 36,356 shares during the period. Finally, Fearnley Asset Management AS acquired a new position in Safe Bulkers in the fourth quarter valued at approximately $5,112,000. 21.69% of the stock is owned by institutional investors and hedge funds.

Safe Bulkers Price Performance

The company has a market capitalization of $689.94 million, a P/E ratio of 22.45 and a beta of 0.85. The company has a fifty day moving average price of $6.69 and a 200 day moving average price of $6.01. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.63.

Safe Bulkers Company Profile

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.