The buoyant force due to fluid on body act at the centre of mass of the fluid displaced by body rather than its centre of gravity. This point is called centre of buoyancy. In case of completely submerged body, the equilibrium of floating body is stable if its centre of gravity lies below centre of buoyancy as shown in figure.
If a body is partially submerged, it is in stable equilibrium even if centre of buoyancy lies below centre of gravity because a slight disturbance shifts the centre of buoyancy in this case which may provide restoring couple.
In case of partially submerged body, the equilibrium will be stable if centre of buoyancy lies below the meta-center M, a point of intersection of shifted line of action of buoyancy force to the original line of action.
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