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

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

Wall Street Analyst Weigh In

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

Safe Bulkers Trading Up 3.4%

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

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. The company had revenue of $74.39 million for the quarter, compared to analysts’ expectations of $65.50 million. Safe Bulkers had a net margin of 18.73% and a return on equity of 6.45%.

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 given a dividend of $0.06 per share. This is an increase from Safe Bulkers’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 3.2%. Safe Bulkers’s dividend payout ratio is 53.33%.

Institutional Trading of Safe Bulkers

A number of hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake in Safe Bulkers by 77.7% in the first quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company’s stock valued at $31,000 after acquiring an additional 2,150 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Safe Bulkers by 73.4% during the second quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company’s stock worth $40,000 after purchasing an additional 4,692 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of Safe Bulkers in the 2nd quarter worth about $41,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Safe Bulkers in the 3rd quarter worth about $46,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Safe Bulkers in the 2nd quarter worth about $46,000. 21.69% of the stock is owned by institutional investors.

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.