Costamare (NYSE:CMRE) Given New $12.00 Price Target at Stifel Nicolaus

Costamare (NYSE:CMRE) had its price objective raised by Stifel Nicolaus from $11.50 to $12.00 in a research report report published on Friday, Benzinga reports. The brokerage currently has a hold rating on the shipping company’s stock.

Separately, StockNews.com raised Costamare from a hold rating to a buy rating in a research report on Thursday, April 11th.

Costamare Trading Up 2.4 %

Shares of NYSE CMRE opened at $10.94 on Friday. Costamare has a 12 month low of $7.71 and a 12 month high of $11.85. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 3.71 and a beta of 1.38. The company has a quick ratio of 1.59, a current ratio of 1.69 and a debt-to-equity ratio of 0.83. The business has a fifty day simple moving average of $11.24 and a 200-day simple moving average of $10.40.

Costamare (NYSE:CMRE) last posted its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. The firm had revenue of $494.85 million for the quarter, compared to analyst estimates of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same period in the previous year, the firm earned $0.61 earnings per share. Sell-side analysts predict that Costamare will post 2.73 EPS for the current year.

Costamare Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Friday, April 19th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend is Thursday, April 18th. Costamare’s payout ratio is currently 15.59%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CMRE. PNC Financial Services Group Inc. increased its position in Costamare by 1,877.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,689 shares of the shipping company’s stock worth $26,000 after purchasing an additional 2,553 shares during the last quarter. Parallel Advisors LLC increased its position in Costamare by 197.8% in the 4th quarter. Parallel Advisors LLC now owns 4,059 shares of the shipping company’s stock worth $42,000 after purchasing an additional 2,696 shares during the last quarter. Quarry LP increased its position in Costamare by 48.5% in the 4th quarter. Quarry LP now owns 4,216 shares of the shipping company’s stock worth $44,000 after purchasing an additional 1,376 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Costamare by 157.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,290 shares of the shipping company’s stock worth $47,000 after purchasing an additional 3,232 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Costamare in the 2nd quarter worth about $51,000. 58.08% of the stock is owned by institutional investors and hedge funds.

Costamare Company Profile

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.