Cutter & CO Brokerage Inc. Reduces Position in Costamare Inc. (NYSE:CMRE)

Cutter & CO Brokerage Inc. decreased its position in Costamare Inc. (NYSE:CMRE) by 21.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,683 shares of the shipping company’s stock after selling 5,667 shares during the period. Cutter & CO Brokerage Inc.’s holdings in Costamare were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMRE. Ballentine Partners LLC acquired a new position in shares of Costamare in the 4th quarter valued at about $114,000. Raymond James & Associates acquired a new position in Costamare in the fourth quarter valued at approximately $135,000. Dark Forest Capital Management LP purchased a new stake in Costamare in the 3rd quarter worth approximately $141,000. Quadrature Capital Ltd acquired a new stake in shares of Costamare during the 3rd quarter worth approximately $223,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Costamare by 63.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,037 shares of the shipping company’s stock valued at $406,000 after purchasing an additional 15,099 shares in the last quarter. Institutional investors and hedge funds own 58.08% of the company’s stock.

Costamare Price Performance

Shares of NYSE:CMRE traded down $0.24 during midday trading on Wednesday, reaching $11.29. 187,303 shares of the company’s stock traded hands, compared to its average volume of 427,016. The company has a fifty day simple moving average of $11.24 and a two-hundred day simple moving average of $10.45. Costamare Inc. has a 1 year low of $7.71 and a 1 year high of $11.85. The company has a market cap of $1.33 billion, a P/E ratio of 3.91 and a beta of 1.38. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.59 and a current ratio of 1.69.

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

Costamare Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Friday, April 19th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Thursday, April 18th. Costamare’s dividend payout ratio is presently 15.59%.

Wall Street Analyst Weigh In

CMRE has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price target on shares of Costamare from $11.50 to $12.00 and gave the stock a “hold” rating in a report on Friday, April 19th. StockNews.com raised shares of Costamare from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th.

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.