Costamare (NYSE:CMRE) Price Target Raised to $12.00

Costamare (NYSE:CMRE) had its price target upped by Stifel Nicolaus from $11.50 to $12.00 in a research note issued to investors on Friday morning, Benzinga reports. Stifel Nicolaus 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 note on Thursday, April 11th.

Costamare Stock Up 2.4 %

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

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

Costamare Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMRE. PNC Financial Services Group Inc. lifted its holdings in Costamare by 1,877.2% during the second quarter. PNC Financial Services Group Inc. now owns 2,689 shares of the shipping company’s stock worth $26,000 after acquiring an additional 2,553 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Costamare by 197.8% during the fourth quarter. Parallel Advisors LLC now owns 4,059 shares of the shipping company’s stock worth $42,000 after acquiring an additional 2,696 shares in the last quarter. Quarry LP lifted its holdings in Costamare by 48.5% during the fourth quarter. Quarry LP now owns 4,216 shares of the shipping company’s stock worth $44,000 after acquiring an additional 1,376 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Costamare by 157.0% in the third quarter. Tower Research Capital LLC TRC now owns 5,290 shares of the shipping company’s stock valued at $47,000 after purchasing an additional 3,232 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Costamare in the second quarter valued at about $51,000. 58.08% of the stock is currently owned by institutional investors.

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.