Safe Bulkers (NYSE:SB) Reaches New 52-Week High Following Dividend Announcement

Safe Bulkers, Inc (NYSE:SB) hit a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $6.19 and last traded at $6.1550, with a volume of 105309 shares traded. The stock had previously closed at $6.05.

The newly announced dividend which will be paid on Wednesday, March 18th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.20 annualized dividend and a dividend yield of 3.2%. Safe Bulkers’s dividend payout ratio is currently 66.67%.

Analysts Set New Price Targets

SB has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Safe Bulkers in a report on Monday, December 29th. Jefferies Financial Group increased their target price on shares of Safe Bulkers from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Wednesday, November 26th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Safe Bulkers Trading Up 2.4%

The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.72 and a current ratio of 2.72. The stock has a 50-day moving average price of $5.32 and a 200-day moving average price of $4.84. The stock has a market cap of $629.84 million, a P/E ratio of 20.52 and a beta of 1.13.

Safe Bulkers (NYSE:SB) last issued its quarterly earnings results on Wednesday, February 18th. The shipping company reported $0.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.14. The firm had revenue of $75.95 million during the quarter, compared to analyst estimates of $70.00 million. Safe Bulkers had a return on equity of 4.92% and a net margin of 13.99%. On average, equities research analysts expect that Safe Bulkers, Inc will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Safe Bulkers

Several hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV purchased a new position in Safe Bulkers in the 4th quarter worth approximately $48,000. Public Employees Retirement System of Ohio bought a new stake in shares of Safe Bulkers in the 4th quarter worth $49,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Safe Bulkers in the third quarter worth $46,000. Tower Research Capital LLC TRC boosted its holdings in shares of Safe Bulkers by 73.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company’s stock valued at $40,000 after acquiring an additional 4,692 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Safe Bulkers in the second quarter worth approximately $41,000. 21.69% of the stock is owned by hedge funds and other 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.