Costamare Inc. (NYSE:CMRE) Declares $0.12 Quarterly Dividend

Costamare Inc. (NYSE:CMRE) declared a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Stockholders of record on Friday, April 19th will be paid a dividend of 0.115 per share by the shipping company on Monday, May 6th. This represents a $0.46 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Thursday, April 18th.

Costamare has increased its dividend by an average of 4.8% per year over the last three years. Costamare has a payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Costamare to earn $2.59 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

Costamare Stock Up 0.5 %

NYSE CMRE opened at $11.07 on Tuesday. Costamare has a 1 year low of $7.71 and a 1 year high of $11.85. The stock has a market capitalization of $1.30 billion, a PE ratio of 3.75 and a beta of 1.38. 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 business’s 50-day moving average is $11.24 and its 200 day moving average is $10.38.

Costamare (NYSE:CMRE) last issued 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. 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 last year, the company earned $0.61 EPS. Sell-side analysts forecast that Costamare will post 2.73 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in shares of Costamare by 1,877.2% in the second 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. Tower Research Capital LLC TRC raised 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 buying an additional 3,232 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of Costamare during the 2nd quarter valued at about $51,000. Lazard Asset Management LLC grew its stake in shares of Costamare by 66.7% in the first quarter. Lazard Asset Management LLC now owns 7,737 shares of the shipping company’s stock worth $131,000 after acquiring an additional 3,097 shares during the period. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Costamare during the first quarter valued at approximately $95,000. Institutional investors own 58.08% of the company’s stock.

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.