Costamare Inc. (CMRE) declared its first dividend as a public company today, a quarterly payout of $0.25 per share. The international shipping company went public last November.
Shares of CMRE opened today’s session trading at $14.88, where they now carry a 6.72% dividend yield.
Costamare began trading on the New York Stock Exchange on November 4 of last year. The stock opened at $12, and traded as low as $10.55 a week later, meaning early investors locked in a yield-on-cost as high as 9.48%. The company outlined plans to initiate an annual dividend rate of $1.00 on page 38 of its original IPO prospectus.
Analysts currently expect Costamare to earn $1.86 per share next year, putting its forward payout ratio at 53.8%. The ex-dividend date for the company’s first payout is January 26, 2011.