Denali Advisors LLC Sells 20,000 Shares of Costamare Inc. (NYSE:CMRE)

Denali Advisors LLC cut its position in Costamare Inc. (NYSE:CMRE) by 4.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 430,495 shares of the shipping company’s stock after selling 20,000 shares during the period. Costamare comprises about 1.9% of Denali Advisors LLC’s portfolio, making the stock its 2nd largest position. Denali Advisors LLC owned approximately 0.37% of Costamare worth $7,073,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in Costamare by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,069,284 shares of the shipping company’s stock worth $73,591,000 after purchasing an additional 107,756 shares during the period. Bridgeway Capital Management LLC raised its holdings in shares of Costamare by 20.6% during the first quarter. Bridgeway Capital Management LLC now owns 1,583,997 shares of the shipping company’s stock worth $17,978,000 after acquiring an additional 270,168 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Costamare by 1,322.0% during the second quarter. Acadian Asset Management LLC now owns 1,469,697 shares of the shipping company’s stock worth $24,119,000 after acquiring an additional 1,366,344 shares during the period. American Century Companies Inc. raised its holdings in shares of Costamare by 62.9% during the second quarter. American Century Companies Inc. now owns 621,764 shares of the shipping company’s stock worth $10,216,000 after acquiring an additional 239,970 shares during the period. Finally, Empowered Funds LLC raised its holdings in shares of Costamare by 8.2% during the first quarter. Empowered Funds LLC now owns 504,570 shares of the shipping company’s stock worth $5,727,000 after acquiring an additional 38,168 shares during the period. 58.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. StockNews.com upgraded shares of Costamare from a “hold” rating to a “buy” rating in a report on Friday, August 23rd. Stifel Nicolaus raised their price objective on shares of Costamare from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group raised their price objective on shares of Costamare from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st.

Costamare Stock Up 0.9 %

Costamare stock opened at $13.73 on Tuesday. The company has a market cap of $1.61 billion, a P/E ratio of 5.32 and a beta of 1.37. Costamare Inc. has a 1-year low of $8.54 and a 1-year high of $17.58. The company has a fifty day simple moving average of $14.12 and a 200 day simple moving average of $13.61. The company has a current ratio of 1.61, a quick ratio of 1.54 and a debt-to-equity ratio of 0.77.

Costamare (NYSE:CMRE) last released its earnings results on Wednesday, July 31st. The shipping company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. The business had revenue of $515.42 million during the quarter, compared to the consensus estimate of $380.41 million. Costamare had a net margin of 19.63% and a return on equity of 13.63%. Research analysts anticipate that Costamare Inc. will post 3.05 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Stockholders of record on Friday, July 19th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Friday, July 19th. Costamare’s dividend payout ratio (DPR) is presently 17.83%.

Costamare Profile