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MONACO - Safe Bulkers, Inc. (NYSE:SB) announced Monday it has authorized a share repurchase program for up to 10 million shares of its common stock, representing approximately 9.8% of outstanding shares and 20.0% of its public float. The shipping company, currently trading at $5.23 and valued at $537 million, is continuing its trend of shareholder-friendly capital allocation according to InvestingPro data.
The international provider of marine drybulk transportation services stated the program does not obligate the company to purchase any specific number of shares and may be modified or terminated at any time without prior notice.
According to the announcement, any purchases will be conducted in the open market in compliance with applicable laws and regulations, within the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934. The company plans to fund the repurchases using existing cash resources. InvestingPro analysis shows Safe Bulkers is well-positioned for this initiative with a strong current ratio of 2.72, indicating liquid assets comfortably exceed short-term obligations.Want deeper insights into Safe Bulkers’ financial health? InvestingPro offers exclusive access to 15+ additional ProTips, comprehensive valuation metrics, and expert analysis through Pro Research Reports available for over 1,400 US equities.
The newly authorized program supersedes any prior repurchase initiatives by Safe Bulkers. This move aligns with the company’s recent momentum, having delivered impressive returns of 43% over the past year and 43% over the past six months.
Safe Bulkers specializes in transporting bulk cargoes, particularly grain, coal and iron ore, along worldwide shipping routes. The company’s securities trade on the NYSE under the symbols SB (common stock), SB.PR.C (series C preferred stock), and SB.PR.D (series D preferred stock).
The announcement was made in a company press release statement.
In other recent news, Safe Bulkers Inc. announced its third-quarter earnings for 2025, which exceeded analyst expectations. The company reported earnings per share of $0.12, surpassing the forecasted $0.11. Additionally, Safe Bulkers achieved revenue of $73.1 million, which was higher than the anticipated $66.64 million. These results indicate a strong performance for the quarter, garnering positive attention from investors. The earnings announcement was followed by a notable increase in the company’s stock price, although specific figures are not the focus here. The company’s financial results have been well-received by the market. Safe Bulkers’ ability to outperform revenue and earnings estimates highlights its robust operational execution. These developments reflect a positive trajectory for Safe Bulkers in the recent period.
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