JPMorgan Chase & Co. Upgrades Costamare Inc. (CMRE) to Overweight
Costamare Inc. (NYSE:CMRE) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday. The firm currently has a $13.00 target price on the stock, up from their prior target price of $12.00. JPMorgan Chase & Co.’s price objective suggests a potential upside of 75.20% from the company’s previous close.
The analysts wrote, “The company also announced it refinanced $360 million of bullet payments that were due in Q2 and Q3/2018. While there are still two smaller bullet payments in 2018, the fact that these refinancing were down well ahead of the maturities gives us confidence that the remaining refinancing should be relatively routine.”
A number of other research firms have also recently commented on CMRE. Clarkson Capital cut Costamare from a “buy” rating to a “neutral” rating in a research note on Friday, June 17th. Morgan Stanley cut Costamare from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $12.00 to $7.50 in a research note on Thursday, June 30th. Zacks Investment Research upgraded Costamare from a “strong sell” rating to a “hold” rating in a research note on Friday, July 22nd. Vetr cut Costamare from a “strong-buy” rating to a “buy” rating and set a $11.32 price target for the company. in a research note on Thursday, June 9th. Finally, Credit Suisse Group AG set a $9.00 price objective on Costamare and gave the stock a “hold” rating in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.55.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/08/jpmorgan-chase-co-upgrades-costamare-inc-cmre-to-overweight.html
Shares of Costamare (NYSE:CMRE) traded down 3.39% on Wednesday, hitting $7.42. The company had a trading volume of 338,749 shares. The company has a market capitalization of $561.67 million, a price-to-earnings ratio of 4.50 and a beta of 1.67. Costamare has a 52 week low of $6.01 and a 52 week high of $15.10. The stock’s 50-day moving average is $8.83 and its 200 day moving average is $9.14.
Costamare (NYSE:CMRE) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Costamare had a return on equity of 15.03% and a net margin of 29.87%. The company earned $117.90 million during the quarter, compared to analysts’ expectations of $119.37 million. During the same period last year, the business posted $0.46 earnings per share. The firm’s revenue was down 4.9% compared to the same quarter last year. Equities analysts expect that Costamare will post $1.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 4th. Investors of record on Friday, October 21st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.39%. The ex-dividend date of this dividend is Wednesday, October 19th. Costamare’s dividend payout ratio is currently 70.30%.
A number of hedge funds and other institutional investors have recently made changes to their positions in CMRE. Alliancebernstein L.P. bought a new position in shares of Costamare during the second quarter valued at $103,000. American International Group Inc. bought a new position in shares of Costamare during the second quarter valued at $117,000. Nationwide Fund Advisors bought a new position in shares of Costamare during the second quarter valued at $127,000. Nuveen Fund Advisors LLC bought a new position in shares of Costamare during the second quarter valued at $143,000. Finally, Quantitative Systematic Strategies LLC boosted its position in shares of Costamare by 60.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 17,563 shares of the company’s stock valued at $156,000 after buying an additional 6,584 shares in the last quarter. Institutional investors own 15.13% of the company’s stock.
Costamare Inc (Costamare) is an international owner of containerships. The Company provides marine transportation services by chartering its container vessels to liner operators under long, medium and short-term time charters. The Company has a fleet of approximately 70 containerships with a total capacity of over 467,000 20-foot equivalent unit (TEU), including approximately 10 newbuilds on order.
Receive News & Ratings for Costamare Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Costamare Inc. and related companies with MarketBeat.com's FREE daily email newsletter.