Safe Bulkers (NYSE:SB) Stock Price Up 5.5% – Still a Buy?

Safe Bulkers, Inc (NYSE:SB)’s share price rose 5.5% during trading on Monday . The company traded as high as $7.13 and last traded at $7.1960. Approximately 78,194 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 708,001 shares. The stock had previously closed at $6.82.

Analyst Ratings Changes

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 given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.00.

Safe Bulkers Stock Performance

The business has a 50-day moving average price of $6.73 and a 200-day moving average price of $6.27. The firm has a market capitalization of $741.90 million, a price-to-earnings ratio of 16.12 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 announced its earnings results on Wednesday, June 17th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, beating 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 company had revenue of $74.39 million for the quarter, compared to analyst estimates of $65.50 million.

Safe Bulkers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 3.3%. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, June 30th. Safe Bulkers’s dividend payout ratio is currently 53.33%.

Hedge Funds Weigh In On Safe Bulkers

Several hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its position in Safe Bulkers by 77.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company’s stock worth $31,000 after purchasing an additional 2,150 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Safe Bulkers by 73.4% in the second quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company’s stock worth $40,000 after buying an additional 4,692 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Safe Bulkers during the second quarter worth $41,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Safe Bulkers during the third quarter worth $46,000. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Safe Bulkers during the second quarter valued at $46,000. 21.69% of the stock is 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.