Costamare Inc. (NYSE:CMRE) Plans Quarterly Dividend of $0.12

Costamare Inc. (NYSE:CMRE) announced a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Shareholders of record on Friday, April 19th will be paid a dividend of 0.115 per share by the shipping company on Monday, May 6th. This represents a $0.46 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Thursday, April 18th.

Costamare has increased its dividend by an average of 4.8% annually over the last three years. Costamare has a payout ratio of 17.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Costamare to earn $2.59 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

Costamare Trading Down 0.8 %

NYSE:CMRE opened at $10.98 on Wednesday. The firm’s 50 day moving average is $11.25 and its 200 day moving average is $10.39. Costamare has a 12 month low of $7.71 and a 12 month high of $11.85. The stock has a market capitalization of $1.29 billion, a PE ratio of 3.72 and a beta of 1.38. The company has a current ratio of 1.69, a quick ratio of 1.59 and a debt-to-equity ratio of 0.83.

Costamare (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. Costamare had a return on equity of 11.37% and a net margin of 25.26%. The business had revenue of $494.85 million during the quarter, compared to analyst estimates of $419.00 million. During the same period in the prior year, the company earned $0.61 earnings per share. Sell-side analysts expect that Costamare will post 2.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Costamare from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th.

Institutional Investors Weigh In On Costamare

Large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in shares of Costamare by 1,877.2% during the second quarter. PNC Financial Services Group Inc. now owns 2,689 shares of the shipping company’s stock valued at $26,000 after buying an additional 2,553 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Costamare by 157.0% during the third quarter. Tower Research Capital LLC TRC now owns 5,290 shares of the shipping company’s stock valued at $47,000 after buying an additional 3,232 shares during the last quarter. Sunbelt Securities Inc. bought a new position in shares of Costamare during the second quarter valued at about $51,000. Lazard Asset Management LLC grew its stake in shares of Costamare by 66.7% during the first quarter. Lazard Asset Management LLC now owns 7,737 shares of the shipping company’s stock valued at $131,000 after buying an additional 3,097 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Costamare during the first quarter valued at about $95,000. Hedge funds and other institutional investors own 58.08% of the company’s stock.

Costamare Company Profile

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.