Safe Bulkers (NYSE:SB) Upgraded at Zacks Research

Zacks Research upgraded shares of Safe Bulkers (NYSE:SB) from a strong sell rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Safe Bulkers Price Performance

SB stock opened at $4.50 on Monday. The firm’s 50-day moving average price is $4.34 and its two-hundred day moving average price is $3.89. Safe Bulkers has a 12-month low of $3.02 and a 12-month high of $5.21. The stock has a market capitalization of $460.03 million, a price-to-earnings ratio of 10.46 and a beta of 1.28. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.60.

Safe Bulkers (NYSE:SB) last released its quarterly earnings data on Tuesday, July 29th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Safe Bulkers had a net margin of 19.25% and a return on equity of 5.80%. The firm had revenue of $65.75 million during the quarter, compared to analysts’ expectations of $60.40 million. As a group, equities analysts predict that Safe Bulkers will post 0.62 earnings per share for the current year.

Safe Bulkers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Thursday, August 21st were given a $0.05 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 4.4%. Safe Bulkers’s payout ratio is presently 46.51%.

Hedge Funds Weigh In On Safe Bulkers

A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC increased its position in shares of Safe Bulkers by 5.9% in the second quarter. Tidal Investments LLC now owns 43,299 shares of the shipping company’s stock valued at $156,000 after acquiring an additional 2,423 shares during the period. Aristides Capital LLC increased its position in shares of Safe Bulkers by 7.3% during the first quarter. Aristides Capital LLC now owns 45,344 shares of the shipping company’s stock valued at $167,000 after buying an additional 3,104 shares during the period. Mraz Amerine & Associates Inc. increased its position in shares of Safe Bulkers by 23.6% during the first quarter. Mraz Amerine & Associates Inc. now owns 16,500 shares of the shipping company’s stock valued at $62,000 after buying an additional 3,155 shares during the period. Algert Global LLC increased its position in shares of Safe Bulkers by 13.6% during the first quarter. Algert Global LLC now owns 28,862 shares of the shipping company’s stock valued at $107,000 after buying an additional 3,459 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Safe Bulkers by 0.9% during the second quarter. Russell Investments Group Ltd. now owns 459,138 shares of the shipping company’s stock valued at $1,657,000 after buying an additional 3,983 shares during the period. Hedge funds and other institutional investors own 21.69% of the company’s stock.

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.