Costamare (NYSE:CMRE) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Costamare (NYSE:CMRE) posted its earnings results on Tuesday. The shipping company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.70 by $0.11, Zacks reports. Costamare had a net margin of 17.10% and a return on equity of 13.67%.

Costamare Stock Performance

Shares of CMRE stock traded up $0.27 during trading hours on Wednesday, reaching $13.26. The company had a trading volume of 350,404 shares, compared to its average volume of 506,414. The business has a fifty day moving average price of $11.91 and a 200-day moving average price of $10.31. Costamare has a one year low of $6.63 and a one year high of $14.85. The firm has a market cap of $1.59 billion, a PE ratio of 5.62 and a beta of 1.38. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.64 and a current ratio of 1.68.

Costamare Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Tuesday, October 21st will be paid a $0.115 dividend. The ex-dividend date is Tuesday, October 21st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.5%. Costamare’s payout ratio is currently 19.49%.

Institutional Trading of Costamare

Several large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP grew its position in Costamare by 527.7% during the second quarter. Marshall Wace LLP now owns 703,932 shares of the shipping company’s stock valued at $6,413,000 after buying an additional 591,785 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Costamare by 2.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 677,852 shares of the shipping company’s stock valued at $6,175,000 after buying an additional 16,245 shares during the period. Millennium Management LLC bought a new stake in Costamare during the first quarter valued at approximately $6,075,000. Qube Research & Technologies Ltd grew its position in Costamare by 55.3% during the second quarter. Qube Research & Technologies Ltd now owns 605,715 shares of the shipping company’s stock valued at $5,518,000 after buying an additional 215,588 shares during the period. Finally, Geode Capital Management LLC grew its position in Costamare by 4.7% during the second quarter. Geode Capital Management LLC now owns 548,523 shares of the shipping company’s stock valued at $4,997,000 after buying an additional 24,727 shares during the period. 58.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMRE. Weiss Ratings reissued a “hold (c)” rating on shares of Costamare in a research report on Wednesday, October 8th. Jefferies Financial Group raised their price objective on shares of Costamare from $11.00 to $12.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, Zacks Research lowered shares of Costamare from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.00.

About Costamare