Safe Bulkers (NYSE:SB) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Safe Bulkers (NYSE:SB) posted its earnings results on Wednesday. The shipping company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.08, Zacks reports. The company had revenue of $65.50 million during the quarter, compared to analysts’ expectations of $65.50 million. Safe Bulkers had a return on equity of 4.91% and a net margin of 13.99%.

Safe Bulkers Price Performance

SB stock opened at $6.48 on Thursday. The business has a fifty day moving average of $6.69 and a two-hundred day moving average of $6.01. The company has a quick ratio of 2.63, a current ratio of 2.90 and a debt-to-equity ratio of 0.60. The stock has a market cap of $662.84 million, a price-to-earnings ratio of 21.61 and a beta of 0.85. Safe Bulkers has a 52-week low of $3.56 and a 52-week high of $7.38.

Safe Bulkers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 16th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 3.7%. This is a positive change from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, June 30th. Safe Bulkers’s payout ratio is 66.67%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Safe Bulkers from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $6.00.

Institutional Investors Weigh In On Safe Bulkers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV acquired a new stake in Safe Bulkers during the fourth quarter worth $48,000. Mackenzie Financial Corp purchased a new position in shares of Safe Bulkers during the fourth quarter worth $59,000. Empowered Funds LLC boosted its position in shares of Safe Bulkers by 6.0% during the fourth quarter. Empowered Funds LLC now owns 645,834 shares of the shipping company’s stock worth $3,113,000 after buying an additional 36,356 shares during the period. XTX Topco Ltd boosted its position in shares of Safe Bulkers by 86.5% during the fourth quarter. XTX Topco Ltd now owns 68,984 shares of the shipping company’s stock worth $333,000 after buying an additional 32,001 shares during the period. Finally, Susquehanna Fundamental Investments LLC boosted its position in shares of Safe Bulkers by 296.2% during the fourth quarter. Susquehanna Fundamental Investments LLC now owns 41,018 shares of the shipping company’s stock worth $198,000 after buying an additional 30,664 shares during the period. Institutional investors and hedge funds own 21.69% of the company’s stock.

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.