Costamare (NYSE:CMRE) Shares Down 4.4%

Costamare Inc. (NYSE:CMRE) shares dropped 4.4% on Thursday . The company traded as low as $14.04 and last traded at $14.04. Approximately 22,081 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 692,717 shares. The stock had previously closed at $14.69.

Several brokerages recently commented on CMRE. lifted their price target on shares of Costamare from $12.50 to $14.50 and gave the stock a “buy” rating in a research note on Thursday, June 17th. Citigroup lifted their price target on shares of Costamare from $14.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, September 8th. TheStreet upgraded shares of Costamare from a “c+” rating to a “b-” rating in a research note on Wednesday, July 28th. Finally, Zacks Investment Research lowered shares of Costamare from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 20th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $13.50.

The firm has a market cap of $1.72 billion, a PE ratio of 9.59 and a beta of 1.69. The company’s fifty day moving average price is $14.23 and its two-hundred day moving average price is $11.98. The company has a quick ratio of 1.23, a current ratio of 1.27 and a debt-to-equity ratio of 1.41.

Costamare (NYSE:CMRE) last issued its earnings results on Tuesday, July 27th. The shipping company reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.04. The business had revenue of $166.77 million for the quarter, compared to the consensus estimate of $166.03 million. Costamare had a net margin of 40.55% and a return on equity of 13.42%. As a group, analysts predict that Costamare Inc. will post 2.26 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 5th. Investors of record on Wednesday, October 20th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 19th. Costamare’s dividend payout ratio is currently 45.10%.

A number of hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC boosted its holdings in Costamare by 3.9% during the second quarter. Private Advisor Group LLC now owns 30,287 shares of the shipping company’s stock worth $358,000 after buying an additional 1,125 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Costamare by 92.4% during the second quarter. Quadrant Capital Group LLC now owns 2,370 shares of the shipping company’s stock worth $28,000 after buying an additional 1,138 shares in the last quarter. LPL Financial LLC boosted its holdings in Costamare by 4.8% during the second quarter. LPL Financial LLC now owns 30,500 shares of the shipping company’s stock worth $360,000 after buying an additional 1,400 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Costamare by 6.5% during the second quarter. The Manufacturers Life Insurance Company now owns 28,373 shares of the shipping company’s stock worth $335,000 after buying an additional 1,730 shares in the last quarter. Finally, National Asset Management Inc. boosted its holdings in Costamare by 21.5% during the second quarter. National Asset Management Inc. now owns 14,370 shares of the shipping company’s stock worth $170,000 after buying an additional 2,540 shares in the last quarter. 26.51% of the stock is currently owned by hedge funds and other institutional investors.

Costamare Company Profile (NYSE:CMRE)

Costamare, Inc is a holding company, engages in the provision of containerships chartering. The firm owns vessels such as new build containerships and second hand vessel. The company was founded on April 21, 2008 and is headquartered in Monaco.

See Also: When can a hold rating present a buying opportunity?

Receive News & Ratings for Costamare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Costamare and related companies with MarketBeat.com's FREE daily email newsletter.