Costamare (NYSE:CMRE) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Costamare (NYSE:CMRE) from a buy rating to a hold rating in a research report released on Wednesday morning.

Separately, Stifel Nicolaus raised their price objective on Costamare from $11.50 to $12.00 and gave the stock a hold rating in a report on Friday, April 19th.

Costamare Price Performance

CMRE stock opened at $11.78 on Wednesday. Costamare has a 52-week low of $7.71 and a 52-week high of $11.90. The stock’s fifty day simple moving average is $11.26 and its 200-day simple moving average is $10.48. The company has a quick ratio of 1.59, a current ratio of 1.69 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 3.99 and a beta of 1.38.

Costamare (NYSE:CMRE) last posted its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $419.00 million. During the same quarter last year, the firm earned $0.61 earnings per share. Equities research analysts expect that Costamare will post 2.73 EPS for the current year.

Costamare Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Friday, April 19th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Thursday, April 18th. Costamare’s dividend payout ratio (DPR) is currently 15.59%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CMRE. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Costamare by 1,282.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 214,428 shares of the shipping company’s stock worth $2,063,000 after buying an additional 198,922 shares during the period. Bridgeway Capital Management LLC raised its position in Costamare by 16.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,313,829 shares of the shipping company’s stock valued at $13,677,000 after purchasing an additional 183,193 shares during the period. Los Angeles Capital Management LLC raised its position in Costamare by 177.5% in the third quarter. Los Angeles Capital Management LLC now owns 208,277 shares of the shipping company’s stock valued at $2,004,000 after purchasing an additional 133,225 shares during the period. Demars Financial Group LLC purchased a new position in Costamare in the third quarter valued at about $1,106,000. Finally, Dimensional Fund Advisors LP raised its position 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 valued at $73,591,000 after purchasing an additional 107,756 shares during the period. 58.08% of the stock is owned by hedge funds and other 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.