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

Shares of Safe Bulkers, Inc (NYSE:SB) hit a new 52-week high during trading on Tuesday . The stock traded as high as $7.38 and last traded at $7.3650, with a volume of 380775 shares changing hands. The stock had previously closed at $7.16.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Safe Bulkers from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $6.00.

Safe Bulkers Stock Up 3.4%

The stock has a 50-day moving average of $6.74 and a 200 day moving average of $6.29. The company has a market capitalization of $757.24 million, a PE ratio of 16.46 and a beta of 0.84. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.46.

Safe Bulkers (NYSE:SB) last posted its quarterly earnings data on Wednesday, June 17th. The shipping company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.08. Safe Bulkers had a return on equity of 6.45% and a net margin of 18.73%.The business had revenue of $74.39 million for the quarter, compared to analysts’ expectations of $65.50 million.

Safe Bulkers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Stockholders of record on Tuesday, June 30th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.2%. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, June 30th. Safe Bulkers’s payout ratio is presently 53.33%.

Hedge Funds Weigh In On Safe Bulkers

Several hedge funds have recently made changes to their positions in SB. Renaissance Technologies LLC lifted its holdings in Safe Bulkers by 2.0% during the 1st quarter. Renaissance Technologies LLC now owns 3,557,921 shares of the shipping company’s stock worth $22,522,000 after purchasing an additional 68,155 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Safe Bulkers by 30.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,651,114 shares of the shipping company’s stock valued at $12,778,000 after buying an additional 617,711 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Safe Bulkers by 5.0% in the second quarter. Ameriprise Financial Inc. now owns 1,314,711 shares of the shipping company’s stock worth $4,739,000 after buying an additional 62,931 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Safe Bulkers by 3.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,187,934 shares of the shipping company’s stock worth $5,726,000 after buying an additional 36,356 shares in the last quarter. Finally, Fearnley Asset Management AS bought a new position in shares of Safe Bulkers in the fourth quarter valued at approximately $5,112,000. 21.69% of the stock is currently owned by hedge funds and other institutional investors.

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.