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

Safe Bulkers, Inc (NYSE:SB) gapped up prior to trading on Thursday following a stronger than expected earnings report. 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.

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

Safe Bulkers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 16th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.06 per share. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, June 30th. Safe Bulkers’s payout ratio is currently 66.67%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its stake in shares of Safe Bulkers by 77.7% in 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 in the last quarter. Tidal Investments LLC raised its stake in shares of Safe Bulkers by 5.9% during the second quarter. Tidal Investments LLC now owns 43,299 shares of the shipping company’s stock valued at $156,000 after purchasing an additional 2,423 shares in the last quarter. DGS Capital Management LLC raised its stake in shares of Safe Bulkers by 17.3% during the first quarter. DGS Capital Management LLC now owns 20,918 shares of the shipping company’s stock valued at $132,000 after purchasing an additional 3,079 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Safe Bulkers by 2.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 116,912 shares of the shipping company’s stock worth $588,000 after purchasing an additional 3,148 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Safe Bulkers by 0.6% in the third quarter. Vanguard Group Inc. now owns 765,593 shares of the shipping company’s stock worth $3,399,000 after purchasing an additional 4,300 shares during the period. Institutional investors and hedge funds own 21.69% of the company’s stock.

Safe Bulkers Stock Up 4.6%

The stock’s 50-day moving average is $6.69 and its 200-day moving average is $6.01. The stock has a market cap of $689.94 million, a P/E ratio of 22.45 and a beta of 0.85. The company has a current ratio of 2.90, a quick ratio of 2.63 and a debt-to-equity ratio of 0.60.

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.