Costamare (NYSE:CMRE) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of Costamare (NYSE:CMRE) from a buy rating to a hold rating in a research report report published on Wednesday.

Separately, Stifel Nicolaus lifted their price target on shares of Costamare from $11.50 to $12.00 and gave the company a hold rating in a report on Friday, April 19th.

Costamare Trading Down 1.5 %

CMRE stock opened at $11.36 on Wednesday. The company has a current ratio of 1.69, a quick ratio of 1.59 and a debt-to-equity ratio of 0.83. The firm has a market cap of $1.34 billion, a P/E ratio of 3.85 and a beta of 1.38. Costamare has a 1-year low of $7.71 and a 1-year high of $11.85. The business’s 50 day moving average is $11.24 and its 200-day moving average is $10.45.

Costamare (NYSE:CMRE) last announced its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. The firm had revenue of $494.85 million for the quarter, compared to analysts’ expectations of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same period in the prior year, the business posted $0.61 earnings per share. Equities analysts anticipate that Costamare will post 2.75 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Friday, April 19th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, April 18th. Costamare’s dividend payout ratio is currently 15.59%.

Institutional Trading of Costamare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. increased its position in Costamare by 1,282.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 214,428 shares of the shipping company’s stock valued at $2,063,000 after acquiring an additional 198,922 shares in the last quarter. Demars Financial Group LLC acquired a new stake in shares of Costamare in the third quarter valued at approximately $1,106,000. Dark Forest Capital Management LP acquired a new stake in shares of Costamare in the third quarter valued at approximately $141,000. Jump Financial LLC bought a new position in Costamare in the 3rd quarter worth approximately $464,000. Finally, Los Angeles Capital Management LLC lifted its holdings in Costamare by 177.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 208,277 shares of the shipping company’s stock worth $2,004,000 after buying an additional 133,225 shares in the last quarter. 58.08% of the stock is currently owned by institutional investors and hedge funds.

About Costamare

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.