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

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

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

Costamare Trading Down 1.5 %

NYSE:CMRE opened at $11.36 on Wednesday. Costamare has a 12-month low of $7.71 and a 12-month high of $11.85. The firm has a market cap of $1.34 billion, a PE ratio of 3.85 and a beta of 1.38. The company has a current ratio of 1.69, a quick ratio of 1.59 and a debt-to-equity ratio of 0.83. The stock has a fifty day moving average price of $11.24 and a 200 day moving average price of $10.45.

Costamare (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share (EPS) 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. Sell-side analysts anticipate that Costamare will post 2.75 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Friday, April 19th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, April 18th. Costamare’s payout ratio is 15.59%.

Institutional Trading of Costamare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its position 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 valued at $459,000 after buying an additional 1,390 shares during the last quarter. Ballentine Partners LLC boosted its stake in Costamare by 23.5% in the first quarter. Ballentine Partners LLC now owns 13,567 shares of the shipping company’s stock valued at $154,000 after acquiring an additional 2,585 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Costamare by 34.6% during the fourth quarter. Quadrature Capital Ltd now owns 31,268 shares of the shipping company’s stock worth $326,000 after purchasing an additional 8,042 shares during the last quarter. Quarry LP increased its position in shares of 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 purchasing an additional 1,376 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in shares of Costamare by 16.2% in the 4th 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 last quarter. Institutional investors and hedge funds 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.