Safe Bulkers (NYSE:SB) Shares Gap Down Following Weak Earnings

Safe Bulkers, Inc. (NYSE:SB) 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). Safe Bulkers had a return on equity of 9.05% and a net margin of 27.20%. The firm had revenue of $81.67 million for the quarter. During the same quarter last year, the business earned $0.10 EPS.

Safe Bulkers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Friday, March 1st were paid a $0.05 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.20 annualized dividend and a dividend yield of 4.01%. Safe Bulkers’s payout ratio is currently 32.26%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group upgraded 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 note on Tuesday, February 27th.

Hedge Funds Weigh In On Safe Bulkers

Hedge funds have recently bought and sold shares of the business. Welch Group LLC raised its stake in Safe Bulkers by 30.0% during the 4th quarter. Welch Group LLC now owns 13,000 shares of the shipping company’s stock valued at $51,000 after buying an additional 3,000 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Safe Bulkers by 8.0% in the first 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 during the period. Exchange Traded Concepts LLC increased its position in Safe Bulkers by 8.7% during the third quarter. Exchange Traded Concepts LLC now owns 122,158 shares of the shipping company’s stock valued at $396,000 after acquiring an additional 9,826 shares during the last quarter. Sigma Planning Corp bought a new position in Safe Bulkers in the third quarter valued at about $37,000. Finally, Pinnacle Wealth Planning Services Inc. purchased a new position in Safe Bulkers in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 21.69% of the company’s stock.

Safe Bulkers Price Performance

The firm has a market capitalization of $556.93 million, a PE ratio of 8.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.63 and a quick ratio of 2.33. The firm has a 50-day simple moving average of $4.83 and a 200-day simple moving average of $4.14.

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.