Truist Financial Corp Lowers Position in Costamare Inc. (NYSE:CMRE)

Truist Financial Corp lessened its stake in Costamare Inc. (NYSE:CMRE) by 3.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,030 shares of the shipping company’s stock after selling 1,000 shares during the quarter. Truist Financial Corp’s holdings in Costamare were worth $526,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CMRE. Acadian Asset Management LLC purchased a new stake in Costamare during the first quarter valued at $1,172,000. Russell Investments Group Ltd. raised its stake in Costamare by 56,543.3% during the first quarter. Russell Investments Group Ltd. now owns 143,874 shares of the shipping company’s stock valued at $1,633,000 after purchasing an additional 143,620 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Costamare during the second quarter valued at $1,999,000. Federated Hermes Inc. raised its stake in Costamare by 25,731.0% during the second quarter. Federated Hermes Inc. now owns 401,414 shares of the shipping company’s stock valued at $6,595,000 after purchasing an additional 399,860 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Costamare by 24.4% during the first quarter. BNP Paribas Financial Markets now owns 101,791 shares of the shipping company’s stock valued at $1,155,000 after purchasing an additional 19,998 shares in the last quarter. Hedge funds and other institutional investors own 58.08% of the company’s stock.

Costamare Trading Up 3.4 %

CMRE stock opened at $14.12 on Thursday. The company has a quick ratio of 1.54, a current ratio of 1.61 and a debt-to-equity ratio of 0.77. Costamare Inc. has a twelve month low of $8.54 and a twelve month high of $17.58. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 5.47 and a beta of 1.37. The firm’s fifty day simple moving average is $14.20 and its two-hundred day simple moving average is $14.13.

Costamare (NYSE:CMRE) last posted its quarterly earnings data on Wednesday, July 31st. The shipping company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. The business had revenue of $515.42 million for the quarter, compared to analysts’ expectations of $380.41 million. Costamare had a net margin of 19.63% and a return on equity of 13.63%. As a group, analysts anticipate that Costamare Inc. will post 3.05 earnings per share for the current year.

Costamare Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Monday, October 21st will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Monday, October 21st. Costamare’s payout ratio is presently 17.83%.

Wall Street Analyst Weigh In

CMRE has been the topic of a number of recent research reports. Stifel Nicolaus upped their price target on shares of Costamare from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. StockNews.com upgraded shares of Costamare from a “hold” rating to a “buy” rating in a research report on Friday, August 23rd. Finally, Jefferies Financial Group boosted their price objective on shares of Costamare from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st.

Costamare Profile