Safe Bulkers (NYSE:SB) Shares Gap Up on Strong Earnings

Shares of Safe Bulkers, Inc (NYSE:SB) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.47, but opened at $7.98. Safe Bulkers shares last traded at $7.6630, with a volume of 247,646 shares changing hands.

The shipping company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.06. The business had revenue of $87.47 million during the quarter, compared to analyst estimates of $77.50 million. Safe Bulkers had a return on equity of 6.45% and a net margin of 18.73%.

Safe Bulkers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, August 13th will be paid a dividend of $0.075 per share. This is a boost from Safe Bulkers’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 3.9%. Safe Bulkers’s dividend payout ratio (DPR) is 53.33%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Safe Bulkers from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 29th. 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 currently has an average rating of “Hold” and a consensus target price of $6.00.

Hedge Funds Weigh In On Safe Bulkers

Several institutional investors have recently bought and sold shares of SB. PNC Financial Services Group Inc. lifted its position in shares of 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 worth $31,000 after buying an additional 2,150 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Safe Bulkers by 73.4% in 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 in the last quarter. Cetera Investment Advisers acquired a new stake in Safe Bulkers in the 2nd quarter worth approximately $41,000. Susquehanna Fundamental Investments LLC acquired a new stake in Safe Bulkers in the 3rd quarter worth approximately $46,000. Finally, Evergreen Capital Management LLC bought a new stake in Safe Bulkers during the second quarter worth approximately $46,000. 21.69% of the stock is currently owned by institutional investors.

Safe Bulkers Stock Up 3.1%

The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.46. The business has a 50-day simple moving average of $6.78 and a 200-day simple moving average of $6.40. The stock has a market cap of $787.30 million, a P/E ratio of 17.11 and a beta of 0.84.

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.