Safe Bulkers (NYSE:SB) Upgraded to Buy at Wall Street Zen

Safe Bulkers (NYSE:SB) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

Safe Bulkers Trading Down 0.5%

Shares of SB stock opened at $6.67 on Friday. The business’s 50 day moving average is $6.70 and its two-hundred day moving average is $6.02. Safe Bulkers has a twelve month low of $3.56 and a twelve month high of $7.38. The company has a market capitalization of $681.56 million, a P/E ratio of 14.81 and a beta of 0.85. The company has a current ratio of 2.90, a quick ratio of 2.63 and a debt-to-equity ratio of 0.60.

Safe Bulkers (NYSE:SB) last released its earnings results on Wednesday, June 17th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. Safe Bulkers had a return on equity of 6.49% and a net margin of 18.73%.The business had revenue of $74.39 million for the quarter, compared to analyst estimates of $65.50 million.

Hedge Funds Weigh In On Safe Bulkers

Large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in shares of Safe Bulkers by 77.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company’s stock worth $31,000 after acquiring an additional 2,150 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Safe Bulkers during the fourth quarter worth about $48,000. Public Employees Retirement System of Ohio acquired a new position in shares of Safe Bulkers during the fourth quarter worth about $49,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Safe Bulkers during the third quarter worth about $46,000. Finally, Tower Research Capital LLC TRC raised its holdings in Safe Bulkers by 73.4% during the second quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company’s stock worth $40,000 after purchasing an additional 4,692 shares in the last quarter. Hedge funds and other institutional investors own 21.69% of the company’s stock.

About Safe Bulkers

Safe Bulkers Inc (NYSE: SB) is a dry bulk shipping company engaged in the ocean transport of commodities such as iron ore, coal, grain, and fertilizers. The company operates a modern fleet of vessels, including Panamax, Supramax and Kamsarmax bulk carriers, designed to serve a variety of trade routes and cargo types. Safe Bulkers’ fleet is employed under both time charter and voyage charter arrangements, offering flexibility to respond to market demand and optimize vessel utilization.

Founded in 2008, Safe Bulkers began trading its shares on the New York Stock Exchange in the same year, establishing itself as a publicly listed provider of dry bulk transportation services.