Safe Bulkers, Inc. authorized a repurchase program for up to 3 million shares of its common stock.
Quiver AI Summary
Safe Bulkers, Inc., a provider of marine drybulk transportation services, announced a new stock repurchase program allowing for the purchase of up to 3,000,000 shares of its common stock, equivalent to about 2.8% of the total shares outstanding and 5.4% of its public float. This program replaces any previous repurchase initiatives and does not obligate the company to make purchases, which can be modified or terminated at any time. Purchases will be conducted on the open market using existing cash resources, following legal regulations. The press release also includes forward-looking statements regarding the company's growth strategy, with cautions about potential risks and uncertainties that could affect actual outcomes.
Potential Positives
- Safe Bulkers has authorized a share repurchase program for up to 3,000,000 shares, indicating confidence in the company's financial health and future prospects.
- The buyback program represents approximately 2.8% of the company's outstanding shares and 5.4% of its public float, suggesting a strategic move to enhance shareholder value.
- This new program supersedes any prior repurchase program, indicating a renewed commitment to returning capital to shareholders.
- The repurchases will be funded from existing cash resources, reflecting the company's solid cash position and financial management.
Potential Negatives
- The share repurchase program may signal a lack of profitable investment opportunities within the company, implying a potential stagnation in growth.
- The discretionary nature of the program allows for modification or termination without notice, leading to uncertainty among shareholders regarding the commitment to returning capital.
- The reliance on existing cash resources for purchasing shares may raise concerns about the company's liquidity and financial stability, especially if unexpected expenses arise.
FAQ
What is the new share repurchase program by Safe Bulkers?
Safe Bulkers has authorized a program to repurchase up to 3,000,000 shares of its common stock.
How much of Safe Bulkers' stock does the repurchase program represent?
The repurchase program represents approximately 2.8% of the outstanding shares and 5.4% of the public float.
Is Safe Bulkers obligated to purchase shares under this program?
No, the program does not obligate Safe Bulkers to purchase shares and may be modified or terminated at any time.
How will the share repurchases be funded?
The purchases will be funded using the Company’s existing cash resources.
What types of stocks does Safe Bulkers offer?
Safe Bulkers offers common stock, Series C preferred stock, and Series D preferred stock, listed on the NYSE.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SB Hedge Fund Activity
We have seen 62 institutional investors add shares of $SB stock to their portfolio, and 90 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GOLDMAN SACHS GROUP INC added 452,912 shares (+41.7%) to their portfolio in Q4 2024, for an estimated $1,616,895
- ACADIAN ASSET MANAGEMENT LLC removed 413,545 shares (-34.7%) from their portfolio in Q4 2024, for an estimated $1,476,355
- TWO SIGMA INVESTMENTS, LP removed 318,353 shares (-66.5%) from their portfolio in Q4 2024, for an estimated $1,136,520
- SQUAREPOINT OPS LLC added 280,135 shares (+inf%) to their portfolio in Q4 2024, for an estimated $1,000,081
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 257,136 shares (+16.7%) to their portfolio in Q4 2024, for an estimated $917,975
- MARSHALL WACE, LLP added 248,860 shares (+inf%) to their portfolio in Q4 2024, for an estimated $888,430
- MARINER, LLC added 233,743 shares (+148.6%) to their portfolio in Q4 2024, for an estimated $834,462
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONACO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company” or “Safe Bulkers”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has authorized a program under which it may from time to time in the future purchase up to 3,000,000 shares of the Company’s common stock. If the maximum number of shares of the Company’s common stock are purchased pursuant to the aforementioned program, it would represent approximately 2.8% of the shares of the Company’s common stock outstanding and 5.4% of its public float. The program supersedes any prior repurchase program of the Company.
The program does not obligate the Company to purchase shares of the Company’s common stock and the program may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations, and that purchases on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. The purchases will be funded using the Company’s existing cash resources.
About Safe Bulkers, Inc.
Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. Safe Bulkers common stock, Series C preferred stock and Series D preferred stock are listed on the NYSE, where they trade under the symbols “SB,” “SB.PR.C” and “SB.PR.D,” respectively.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in the Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, Safe Bulkers’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although Safe Bulkers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Safe Bulkers. Actual results may differ materially from those expressed or implied by such forward- looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which Safe Bulkers operates, risks associated with operations outside the United States and other factors listed from time to time in Safe Bulkers’ filings with the Securities and Exchange Commission. Safe Bulkers expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For
further information please contact:
Company Contact:
Dr. Loukas Barmparis President
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
+357 25 887 200
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
