Summit X LLC increased its holdings in shares of Costamare Inc. (NYSE:CMRE – Free Report) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,135 shares of the shipping company’s stock after acquiring an additional 1,141 shares during the quarter. Summit X LLC owned about 0.11% of Costamare worth $1,249,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Goldman Sachs Group Inc. increased its stake in Costamare by 99.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,031 shares of the shipping company’s stock worth $23,529,000 after buying an additional 689,704 shares during the period. EA Series Trust purchased a new stake in Costamare during the 2nd quarter worth approximately $2,289,000. Penserra Capital Management LLC purchased a new stake in Costamare during the 1st quarter worth approximately $3,661,000. State Street Corp increased its stake in Costamare by 20.6% during the 1st quarter. State Street Corp now owns 1,028,262 shares of the shipping company’s stock worth $9,676,000 after buying an additional 175,639 shares during the period. Finally, American Century Companies Inc. grew its holdings in Costamare by 33.8% during the 4th quarter. American Century Companies Inc. now owns 650,469 shares of the shipping company’s stock worth $6,036,000 after acquiring an additional 164,247 shares in the last quarter. 22.68% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts have commented on the stock. Citigroup lowered their price target on shares of Costamare from $13.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, October 24th. StockNews.com began coverage on shares of Costamare in a report on Thursday, October 5th. They issued a “hold” rating for the company.
Costamare Stock Performance
NYSE:CMRE traded up $0.32 during trading hours on Tuesday, reaching $9.04. 66,752 shares of the company’s stock were exchanged, compared to its average volume of 596,312. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 2.38 and a beta of 1.46. The company has a quick ratio of 1.47, a current ratio of 1.57 and a debt-to-equity ratio of 0.89. Costamare Inc. has a 1-year low of $7.71 and a 1-year high of $11.85. The company has a 50-day moving average of $9.34 and a 200 day moving average of $9.50.
Costamare Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 6th. Shareholders of record on Friday, October 20th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, October 19th. This represents a $0.46 dividend on an annualized basis and a yield of 5.09%. Costamare’s payout ratio is currently 12.57%.
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.
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