Safe Bulkers (NYSE:SB) Hits New 52-Week High – Time to Buy?

Safe Bulkers, Inc (NYSE:SB) reached a new 52-week high during trading on Tuesday . The stock traded as high as $5.88 and last traded at $5.8650, with a volume of 739494 shares traded. The stock had previously closed at $5.71.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SB. Jefferies Financial Group boosted their price objective on Safe Bulkers from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Wednesday, November 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Safe Bulkers in a research report on Monday, December 29th. 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.com, the company currently has an average rating of “Hold” and a consensus target price of $6.00.

Safe Bulkers Stock Up 2.7%

The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.72 and a current ratio of 2.72. The stock’s fifty day simple moving average is $5.13 and its two-hundred day simple moving average is $4.67. The company has a market capitalization of $600.17 million, a price-to-earnings ratio of 16.29 and a beta of 1.13.

Safe Bulkers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Monday, December 8th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Monday, December 8th. Safe Bulkers’s dividend payout ratio is 55.56%.

Hedge Funds Weigh In On Safe Bulkers

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC raised its position in shares of Safe Bulkers by 67.0% during the first quarter. AQR Capital Management LLC now owns 68,052 shares of the shipping company’s stock worth $251,000 after purchasing an additional 27,292 shares during the period. Goldman Sachs Group Inc. increased its stake in Safe Bulkers by 6.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company’s stock worth $6,017,000 after purchasing an additional 91,662 shares in the last quarter. Empowered Funds LLC raised its holdings in Safe Bulkers by 5.4% during the 1st quarter. Empowered Funds LLC now owns 576,229 shares of the shipping company’s stock worth $2,126,000 after buying an additional 29,667 shares during the period. Jane Street Group LLC lifted its stake in Safe Bulkers by 3.7% during the first quarter. Jane Street Group LLC now owns 135,870 shares of the shipping company’s stock valued at $501,000 after buying an additional 4,836 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Safe Bulkers during the second quarter valued at about $381,000. 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.