Safe Bulkers (NYSE:SB) Shares Gap Down on Disappointing Earnings

Shares of Safe Bulkers, Inc. (NYSE:SB) gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. 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 changing hands.

The shipping company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.01). The firm had revenue of $81.67 million for the quarter. Safe Bulkers had a return on equity of 10.33% and a net margin of 27.85%. During the same period in the previous year, the business posted $0.10 EPS.

Safe Bulkers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.05 per share. The ex-dividend date is Thursday, May 16th. This represents a $0.20 annualized dividend and a dividend yield of 3.96%. Safe Bulkers’s dividend payout ratio is presently 29.41%.

Analysts Set New Price Targets

Several brokerages recently weighed in on SB. StockNews.com upgraded Safe Bulkers from a “hold” rating to a “buy” rating in a research note on Wednesday. Jefferies Financial Group upgraded Safe Bulkers from a “hold” rating to a “buy” rating and boosted 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SB. Sigma Planning Corp purchased a new position in shares of Safe Bulkers during the 3rd quarter valued at about $37,000. Jump Financial LLC purchased a new stake in shares of Safe Bulkers during the third quarter worth about $41,000. Mraz Amerine & Associates Inc. purchased a new position in shares of Safe Bulkers in the third quarter valued at approximately $43,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in Safe Bulkers in the 4th quarter valued at about $46,000. Finally, Welch Group LLC boosted its stake in Safe Bulkers by 30.0% during the fourth quarter. Welch Group LLC now owns 13,000 shares of the shipping company’s stock worth $51,000 after buying an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 21.69% of the company’s stock.

Safe Bulkers Trading Up 1.2 %

The stock has a market cap of $563.62 million, a PE ratio of 7.43 and a beta of 1.02. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.33 and a current ratio of 2.63. The company’s 50-day moving average price is $4.86 and its 200 day moving average price is $4.16.

About Safe Bulkers

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.