Costamare (NYSE:CMRE) Stock Price Down 2.7% – Time to Sell?

Costamare Inc. (NYSE:CMRE)’s share price dropped 2.7% during trading on Friday . The stock traded as low as $14.88 and last traded at $15.02. Approximately 96,802 shares traded hands during trading, a decline of 81% from the average daily volume of 514,188 shares. The stock had previously closed at $15.43.

Analysts Set New Price Targets

CMRE has been the subject of several research analyst reports. Jefferies Financial Group increased their target price on Costamare from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Stifel Nicolaus lifted 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, StockNews.com raised shares of Costamare from a “hold” rating to a “buy” rating in a report on Friday, August 23rd.

Costamare Trading Down 4.9 %

The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 5.69 and a beta of 1.37. The business’s fifty day simple moving average is $14.13 and its 200 day simple moving average is $13.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.61 and a quick ratio of 1.54.

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

Costamare Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Monday, October 21st will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Monday, October 21st. Costamare’s dividend payout ratio (DPR) is 17.83%.

Hedge Funds Weigh In On Costamare

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC bought a new stake in shares of Costamare during the first quarter valued at about $1,172,000. Russell Investments Group Ltd. raised its position in Costamare by 56,543.3% in the first quarter. Russell Investments Group Ltd. now owns 143,874 shares of the shipping company’s stock worth $1,633,000 after acquiring an additional 143,620 shares in the last quarter. SG Americas Securities LLC purchased a new position in Costamare in the 2nd quarter worth about $1,999,000. Bridgeway Capital Management LLC increased its stake in Costamare by 16.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,313,829 shares of the shipping company’s stock worth $13,677,000 after purchasing an additional 183,193 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in Costamare by 25,731.0% in the 2nd quarter. Federated Hermes Inc. now owns 401,414 shares of the shipping company’s stock worth $6,595,000 after purchasing an additional 399,860 shares in the last quarter. Institutional investors and hedge funds own 58.08% of the company’s stock.

About Costamare