Costamare Inc. (NYSE:CMRE) to Issue $0.12 Quarterly Dividend

Costamare Inc. (NYSE:CMRE) announced a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Investors of record on Friday, April 19th will be given a dividend of 0.115 per share by the shipping company on Monday, May 6th. This represents a $0.46 annualized dividend and a yield of 4.19%. The ex-dividend date is Thursday, April 18th.

Costamare has increased its dividend by an average of 4.8% annually over the last three years. Costamare has a payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Costamare to earn $2.59 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

Costamare Stock Down 0.8 %

CMRE stock opened at $10.98 on Wednesday. The firm has a market cap of $1.29 billion, a PE ratio of 3.72 and a beta of 1.38. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.59 and a current ratio of 1.69. The firm’s fifty day moving average is $11.25 and its 200 day moving average is $10.39. Costamare has a one year low of $7.71 and a one year high of $11.85.

Costamare (NYSE:CMRE) last released its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.62 by $0.06. The company had revenue of $494.85 million for the quarter, compared to analyst estimates of $419.00 million. Costamare had a net margin of 25.26% and a return on equity of 11.37%. During the same quarter last year, the business earned $0.61 earnings per share. On average, research analysts forecast that Costamare will post 2.73 EPS for the current year.

Institutional Trading of Costamare

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its holdings in Costamare by 1,877.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,689 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 2,553 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Costamare by 157.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,290 shares of the shipping company’s stock valued at $47,000 after purchasing an additional 3,232 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Costamare in the 2nd quarter valued at $51,000. Price T Rowe Associates Inc. MD acquired a new stake in Costamare during the 1st quarter worth $95,000. Finally, Point72 Middle East FZE acquired a new stake in Costamare during the 4th quarter worth $98,000. Institutional investors and hedge funds own 58.08% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Costamare from a “hold” rating to a “buy” rating in a report on Thursday, April 11th.

About Costamare

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.