Safe Bulkers (NYSE:SB) Shares Gap Down After Earnings Miss

Safe Bulkers, Inc. (NYSE:SB)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $5.14, but opened at $4.90. Safe Bulkers shares last traded at $4.95, with a volume of 218,531 shares.

The shipping company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.01). Safe Bulkers had a net margin of 27.85% and a return on equity of 10.33%. The business had revenue of $81.67 million during the quarter. During the same period in the prior year, the firm earned $0.10 EPS.

Safe Bulkers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Friday, May 17th will be given a $0.05 dividend. The ex-dividend date is Thursday, May 16th. This represents a $0.20 annualized dividend and a dividend yield of 3.96%. Safe Bulkers’s dividend payout ratio is presently 29.41%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SB shares. Jefferies Financial Group raised shares of Safe Bulkers from a “hold” rating to a “buy” rating and upped their price target for the stock from $4.00 to $6.00 in a research report on Tuesday, February 27th. StockNews.com upgraded Safe Bulkers from a “hold” rating to a “buy” rating in a report on Wednesday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Welch Group LLC boosted its position in shares of Safe Bulkers by 30.0% in the fourth quarter. Welch Group LLC now owns 13,000 shares of the shipping company’s stock worth $51,000 after buying an additional 3,000 shares during the period. Principal Financial Group Inc. lifted its position in Safe Bulkers by 8.0% during the 1st quarter. Principal Financial Group Inc. now owns 58,689 shares of the shipping company’s stock worth $291,000 after acquiring an additional 4,353 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Safe Bulkers by 12.7% in the 1st quarter. BNP Paribas Financial Markets now owns 65,898 shares of the shipping company’s stock worth $327,000 after acquiring an additional 7,409 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Safe Bulkers by 8.7% during the third quarter. Exchange Traded Concepts LLC now owns 122,158 shares of the shipping company’s stock worth $396,000 after purchasing an additional 9,826 shares in the last quarter. Finally, Sigma Planning Corp acquired a new position in shares of Safe Bulkers during the third quarter worth $37,000. 21.69% of the stock is owned by institutional investors and hedge funds.

Safe Bulkers Stock Up 1.2 %

The firm’s 50 day moving average price is $4.86 and its two-hundred day moving average price is $4.16. The firm has a market capitalization of $563.62 million, a PE ratio of 7.43 and a beta of 1.02. The company has a quick ratio of 2.33, a current ratio of 2.63 and a debt-to-equity ratio of 0.61.

Safe Bulkers Company Profile

Safe Bulkers, Inc, together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. The company has a fleet of 47 drybulk vessels having an aggregate carrying capacity of 4,719,600 deadweight tons.