Safe Bulkers (NYSE:SB) Shares Gap Down – Here’s What Happened

Safe Bulkers, Inc (NYSE:SB)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.93, but opened at $8.16. Safe Bulkers shares last traded at $8.2270, with a volume of 1,517,841 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Safe Bulkers from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Safe Bulkers has an average rating of “Hold” and an average target price of $6.00.

Safe Bulkers Price Performance

The stock has a fifty day moving average of $7.81 and a two-hundred day moving average of $6.99. The stock has a market cap of $852.52 million, a price-to-earnings ratio of 10.73 and a beta of 0.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.39.

Safe Bulkers (NYSE:SB) last issued its earnings results on Tuesday, July 28th. The shipping company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.22 by $0.06. The company had revenue of $87.47 million for the quarter, compared to analyst estimates of $77.50 million. Safe Bulkers had a net margin of 28.29% and a return on equity of 9.63%.

Safe Bulkers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Thursday, August 13th were given a dividend of $0.075 per share. The ex-dividend date was Thursday, August 13th. 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 3.6%. Safe Bulkers’s dividend payout ratio (DPR) is currently 38.46%.

Institutional Investors Weigh In On Safe Bulkers

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its holdings in shares of Safe Bulkers by 63.4% in the 2nd quarter. California State Teachers Retirement System now owns 4,543 shares of the shipping company’s stock worth $29,000 after acquiring an additional 1,762 shares during the period. PNC Financial Services Group Inc. raised its holdings in Safe Bulkers by 77.7% during the first quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company’s stock worth $31,000 after purchasing an additional 2,150 shares during the last quarter. Legal & General Group Plc acquired a new position in Safe Bulkers during the second quarter worth $34,000. Tower Research Capital LLC TRC boosted its position in Safe Bulkers by 73.4% during the second quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company’s stock worth $40,000 after purchasing an additional 4,692 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in Safe Bulkers in the second quarter valued at $41,000. 21.69% of the stock is currently owned by institutional investors and hedge funds.

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.