Safe Bulkers (NYSE:SB) Reaches New 12-Month High – Here’s What Happened

Shares of Safe Bulkers, Inc (NYSE:SB) hit a new 52-week high during trading on Monday . The company traded as high as $8.07 and last traded at $8.05, with a volume of 491107 shares trading hands. The stock had previously closed at $7.75.

Analyst Ratings Changes

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 assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $6.00.

Safe Bulkers Trading Down 0.9%

The firm’s 50 day moving average is $7.12 and its 200 day moving average is $6.66. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $817.19 million, a PE ratio of 10.29 and a beta of 0.84.

Safe Bulkers (NYSE:SB) last announced its earnings results on Tuesday, July 28th. The shipping company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. The business 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 9.63% and a net margin of 28.29%.

Safe Bulkers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, August 13th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 3.7%. This is a positive change from Safe Bulkers’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, August 13th. Safe Bulkers’s dividend payout ratio (DPR) is currently 38.46%.

Institutional Investors Weigh In On Safe Bulkers

Several hedge funds have recently bought and sold shares of SB. Beacon Pointe Advisors LLC bought a new position in shares of Safe Bulkers in the 2nd quarter worth $74,000. Empowered Funds LLC bought a new stake in shares of Safe Bulkers during the 2nd quarter worth $4,458,000. Harvey Capital Management Inc. purchased a new position in Safe Bulkers in the second quarter worth $158,000. Public Employees Retirement System of Ohio bought a new position in Safe Bulkers in the second quarter valued at $401,000. Finally, Bank of America Corp DE purchased a new stake in Safe Bulkers during the second quarter valued at about $2,080,000. 21.69% of the stock is currently owned by institutional investors.

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.