Costamare (CMRE) Declares $0.12 Dividend
Costamare said on April 3, 2023 that its board of directors declared a regular quarterly dividend of $0.12 per share ($0.46 annualized). Previously, the company paid $0.12 per share.
Shares must be purchased before the ex-div date of April 18, 2023 to qualify for the dividend. Shareholders of record as of April 19, 2023 will receive the payment on May 5, 2023.
At the current share price of $9.22 / share, the stock's dividend yield is 4.99%. Looking back five years and taking a sample every week, the average dividend yield has been 5.53%, the lowest has been 2.60%, and the highest has been 11.24%. The standard deviation of yields is 1.80 (n=237).
The current dividend yield is 0.30 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.10. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.15%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 43.82% Upside
As of March 30, 2023, the average one-year price target for Costamare is $13.26. The forecasts range from a low of $11.11 to a high of $15.75. The average price target represents an increase of 43.82% from its latest reported closing price of $9.22.
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The projected annual revenue for Costamare is $1,115MM, an increase of 0.10%. The projected annual non-GAAP EPS is $3.63.
What is the Fund Sentiment?
There are 295 funds or institutions reporting positions in Costamare. This is a decrease of 1 owner(s) or 0.34% in the last quarter. Average portfolio weight of all funds dedicated to CMRE is 0.07%, an increase of 19.80%. Total shares owned by institutions increased in the last three months by 2.23% to 33,922K shares. The put/call ratio of CMRE is 0.16, indicating a bullish outlook.
What are Large Shareholders Doing?
Renaissance Technologies holds 2,207K shares representing 1.81% ownership of the company. In it's prior filing, the firm reported owning 2,559K shares, representing a decrease of 15.96%. The firm decreased its portfolio allocation in CMRE by 13.52% over the last quarter.
DFSVX - U.s. Small Cap Value Portfolio - Institutional Class holds 1,973K shares representing 1.62% ownership of the company. In it's prior filing, the firm reported owning 1,854K shares, representing an increase of 6.00%. The firm increased its portfolio allocation in CMRE by 11.20% over the last quarter.
Goldman Sachs Group holds 1,427K shares representing 1.17% ownership of the company. In it's prior filing, the firm reported owning 1,303K shares, representing an increase of 8.66%. The firm increased its portfolio allocation in CMRE by 9.90% over the last quarter.
IWM - iShares Russell 2000 ETF holds 1,225K shares representing 1.01% ownership of the company. In it's prior filing, the firm reported owning 1,150K shares, representing an increase of 6.16%. The firm increased its portfolio allocation in CMRE by 0.06% over the last quarter.
DFFVX - U.S. Targeted Value Portfolio - Institutional Class holds 1,148K shares representing 0.94% ownership of the company. In it's prior filing, the firm reported owning 1,100K shares, representing an increase of 4.22%. The firm increased its portfolio allocation in CMRE by 4.13% over the last quarter.
Costamare Background Information
(This description is provided by the company.)
Costamare Inc. is a Greek and Marshall Islands corporation and one of the leading owners and providers of containerships for charter. Its headquarters are in Athens, Greece.
This story originally appeared on Fintel.