Costamare (NYSE:CMRE) Given New $12.00 Price Target at Stifel Nicolaus

Costamare (NYSE:CMRE) had its price target increased by Stifel Nicolaus from $11.50 to $12.00 in a research report sent to investors on Friday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the shipping company’s stock.

Separately, StockNews.com upgraded Costamare from a hold rating to a buy rating in a report on Thursday, April 11th.

Costamare Stock Up 2.3 %

Shares of CMRE opened at $11.19 on Friday. The company has a market capitalization of $1.32 billion, a PE ratio of 3.79 and a beta of 1.38. The business’s 50 day moving average is $11.23 and its 200 day moving average is $10.43. The company has a current ratio of 1.69, a quick ratio of 1.59 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.

Costamare (NYSE:CMRE) last released its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. The business had revenue of $494.85 million during the quarter, compared to analysts’ expectations of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same quarter last year, the business posted $0.61 EPS. Research analysts expect that Costamare will post 2.73 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The company also recently declared 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. This represents a $0.46 annualized dividend and a yield of 4.11%. The ex-dividend date is Thursday, April 18th. Costamare’s dividend payout ratio is presently 15.59%.

Hedge Funds Weigh In On Costamare

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Unison Advisors LLC boosted its holdings in shares of Costamare by 1.2% in the 4th quarter. Unison Advisors LLC now owns 81,014 shares of the shipping company’s stock worth $843,000 after purchasing an additional 977 shares during the period. SummerHaven Investment Management LLC boosted its holdings in shares of Costamare by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 72,729 shares of the shipping company’s stock worth $757,000 after purchasing an additional 1,083 shares during the period. Quarry LP boosted its holdings in shares of Costamare by 48.5% in the 4th quarter. Quarry LP now owns 4,216 shares of the shipping company’s stock worth $44,000 after purchasing an additional 1,376 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Costamare by 3.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 40,427 shares of the shipping company’s stock worth $459,000 after purchasing an additional 1,390 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of Costamare by 12.7% in the 4th quarter. Victory Capital Management Inc. now owns 13,252 shares of the shipping company’s stock worth $138,000 after purchasing an additional 1,498 shares during the period. Hedge funds and other institutional investors own 58.08% of the company’s stock.

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.