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

StockNews.com lowered shares of Costamare (NYSE:CMRE) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

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

Costamare Price Performance

Shares of CMRE stock opened at $11.78 on Wednesday. The firm has a market cap of $1.39 billion, a P/E ratio of 3.99 and a beta of 1.38. Costamare has a 1-year low of $7.71 and a 1-year high of $11.90. The firm has a fifty day moving average of $11.26 and a two-hundred day moving average of $10.48. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.69 and a quick ratio of 1.59.

Costamare (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. Costamare had a net margin of 25.26% and a return on equity of 11.37%. The business had revenue of $494.85 million during the quarter, compared to the consensus estimate of $419.00 million. During the same quarter in the prior year, the firm earned $0.61 EPS. As a group, research analysts anticipate that Costamare will post 2.73 earnings per share for the current fiscal year.

Costamare Dividend Announcement

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

Institutional Investors Weigh In On Costamare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Costamare by 1.5% during the 4th 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 in the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of 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 buying an additional 183,193 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Costamare by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 470,687 shares of the shipping company’s stock valued at $4,900,000 after buying an additional 14,126 shares in the last quarter. Denali Advisors LLC grew its holdings in Costamare by 8.0% during the fourth quarter. Denali Advisors LLC now owns 450,495 shares of the shipping company’s stock worth $4,690,000 after acquiring an additional 33,400 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Costamare by 6.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 221,727 shares of the shipping company’s stock worth $2,308,000 after acquiring an additional 13,450 shares in the last quarter. Institutional investors own 58.08% of the company’s stock.

Costamare Company Profile

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.