Costamare (NYSE:CMRE) Reaches New 52-Week High at $11.90

Costamare Inc. (NYSE:CMRE)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $11.90 and last traded at $11.89, with a volume of 411095 shares changing hands. The stock had previously closed at $11.52.

Analysts Set New Price Targets

Several research firms have recently issued reports on CMRE. Stifel Nicolaus lifted their price objective on shares of Costamare from $11.50 to $12.00 and gave the stock a “hold” rating in a research report on Friday, April 19th. StockNews.com cut Costamare from a “buy” rating to a “hold” rating in a research note on Wednesday.

Costamare Stock Performance

The firm has a 50 day moving average of $11.26 and a two-hundred day moving average of $10.48. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.69 and a quick ratio of 1.59. The stock has a market cap of $1.39 billion, a PE ratio of 3.99 and a beta of 1.38.

Costamare (NYSE:CMRE) last released its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. Costamare had a net margin of 25.26% and a return on equity of 11.37%. The company had revenue of $494.85 million for the quarter, compared to analysts’ expectations of $419.00 million. During the same quarter last year, the company earned $0.61 earnings per share. Research analysts predict that Costamare Inc. will post 2.75 EPS for the current fiscal year.

Costamare Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Friday, April 19th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $0.46 annualized dividend and a yield of 3.90%. Costamare’s dividend payout ratio is presently 15.59%.

Institutional Trading of Costamare

A number of large investors have recently made changes to their positions in CMRE. Connor Clark & Lunn Investment Management Ltd. raised its position in Costamare by 1,282.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 214,428 shares of the shipping company’s stock valued at $2,063,000 after purchasing an additional 198,922 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Costamare in the third quarter valued at about $141,000. Jump Financial LLC acquired a new stake in shares of Costamare during the third quarter worth about $464,000. Los Angeles Capital Management LLC grew its holdings in shares of Costamare by 177.5% during the third quarter. Los Angeles Capital Management LLC now owns 208,277 shares of the shipping company’s stock worth $2,004,000 after buying an additional 133,225 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Costamare in the 3rd quarter valued at about $223,000. 58.08% of the stock is owned by institutional investors and hedge funds.

About Costamare

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.