Safe Bulkers (NYSE:SB) Sets New 12-Month High – What’s Next?

Safe Bulkers, Inc (NYSE:SB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.31 and last traded at $9.1350, with a volume of 1084781 shares trading hands. The stock had previously closed at $9.17.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Safe Bulkers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Safe Bulkers currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Safe Bulkers Price Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.39. The company has a market cap of $847.73 million, a P/E ratio of 10.67 and a beta of 0.82. The business’s fifty day moving average is $7.77 and its 200 day moving average is $6.98.

Safe Bulkers (NYSE:SB) last announced its quarterly earnings data on Tuesday, July 28th. The shipping company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. Safe Bulkers had a return on equity of 9.63% and a net margin of 28.29%.The business had revenue of $87.47 million during the quarter, compared to analyst estimates of $77.50 million.

Safe Bulkers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Thursday, August 13th were paid a $0.075 dividend. The ex-dividend date was Thursday, August 13th. This represents a $0.30 dividend on an annualized basis and a yield of 3.6%. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.06. Safe Bulkers’s dividend payout ratio (DPR) is presently 38.46%.

Hedge Funds Weigh In On Safe Bulkers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SB. California State Teachers Retirement System increased its stake in shares of Safe Bulkers by 63.4% in the second quarter. California State Teachers Retirement System now owns 4,543 shares of the shipping company’s stock worth $29,000 after purchasing an additional 1,762 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of 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 valued at $31,000 after buying an additional 2,150 shares in the last quarter. Legal & General Group Plc bought a new position in Safe Bulkers in the 2nd quarter worth approximately $34,000. Mercer Global Advisors Inc. ADV bought a new position in Safe Bulkers in the 4th quarter worth approximately $48,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Safe Bulkers in the 4th quarter valued at approximately $49,000. Institutional investors own 21.69% of the company’s stock.

Safe Bulkers Company Profile

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.