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

Safe Bulkers, Inc (NYSE:SB)’s share price hit a new 52-week high during trading on Monday . The stock 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.

Analysts Set New Price Targets

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

Safe Bulkers Stock Up 4.5%

The firm has a fifty day simple moving average of $7.06 and a 200-day simple moving average of $6.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $824.82 million, a P/E ratio of 10.38 and a beta of 0.84.

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

Safe Bulkers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, August 13th will be issued a dividend of $0.075 per share. The ex-dividend date is Thursday, August 13th. This is a boost from Safe Bulkers’s previous quarterly dividend of $0.06. This represents a $0.30 dividend on an annualized basis and a dividend yield of 3.7%. Safe Bulkers’s dividend payout ratio is 38.46%.

Institutional Investors Weigh In On Safe Bulkers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its holdings in shares of 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 acquiring an additional 2,150 shares during the period. Tidal Investments LLC increased 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 worth $156,000 after purchasing an additional 2,423 shares during the period. DGS Capital Management LLC increased 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 worth $132,000 after purchasing an additional 3,079 shares during the period. Vanguard Group Inc. lifted its holdings in Safe Bulkers by 0.6% during the 3rd 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 last quarter. Finally, AQR Capital Management LLC boosted its stake in Safe Bulkers by 4.7% in the 4th quarter. AQR Capital Management LLC now owns 104,626 shares of the shipping company’s stock valued at $504,000 after purchasing an additional 4,651 shares during the period. 21.69% of the stock is currently owned by institutional investors and hedge funds.

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.