Citigroup Lowers Safe Bulkers (NYSE:SB) Price Target to $2.85

Safe Bulkers (NYSE:SBGet Rating) had its target price dropped by research analysts at Citigroup from $3.50 to $2.85 in a research report issued on Sunday, The Fly reports. Citigroup’s price target suggests a potential downside of 6.25% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. StockNews.com cut Safe Bulkers from a “buy” rating to a “hold” rating in a report on Friday. Jefferies Financial Group cut Safe Bulkers from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a report on Monday, September 26th.

Safe Bulkers Price Performance

Shares of NYSE:SB opened at $3.04 on Friday. Safe Bulkers has a 12 month low of $2.35 and a 12 month high of $5.12. The stock has a market cap of $369.79 million, a price-to-earnings ratio of 1.90 and a beta of 0.89. The stock’s 50 day moving average price is $2.79 and its 200 day moving average price is $3.52. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.99 and a quick ratio of 1.99.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Aigen Investment Management LP bought a new position in shares of Safe Bulkers in the second quarter valued at $81,000. Walleye Capital LLC purchased a new position in Safe Bulkers during the 1st quarter worth approximately $419,000. Amalgamated Bank purchased a new position in Safe Bulkers during the 1st quarter worth approximately $36,000. Belvedere Trading LLC grew its position in Safe Bulkers by 18.0% during the 2nd quarter. Belvedere Trading LLC now owns 55,975 shares of the shipping company’s stock worth $201,000 after purchasing an additional 8,522 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Safe Bulkers during the 1st quarter worth approximately $37,000. Institutional investors own 27.45% of the company’s stock.

Safe Bulkers Company Profile

(Get Rating)

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. As of March 18, 2022, the company had a fleet of 40 drybulk vessels having an average age of 10.4 years; and an aggregate carrying capacity of 3,925,500 deadweight tons.

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