Star Bulk Carriers (NASDAQ:SBLK) Trading 4.9% Higher

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price shot up 4.9% on Thursday . The stock traded as high as $24.92 and last traded at $24.90. 2,028,885 shares traded hands during mid-day trading, an increase of 30% from the average session volume of 1,559,952 shares. The stock had previously closed at $23.73.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SBLK. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 target price on shares of Star Bulk Carriers in a report on Thursday, May 23rd. StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Friday, May 24th. Finally, Stifel Nicolaus boosted their price objective on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, May 24th.

Star Bulk Carriers Trading Down 2.7 %

The stock has a market cap of $2.02 billion, a PE ratio of 10.86 and a beta of 1.04. The business’s fifty day moving average is $25.17 and its 200 day moving average is $23.32. The company has a quick ratio of 1.25, a current ratio of 1.43 and a debt-to-equity ratio of 0.54.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings data on Wednesday, May 22nd. The shipping company reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The firm had revenue of $259.39 million for the quarter, compared to the consensus estimate of $260.78 million. Star Bulk Carriers had a net margin of 20.57% and a return on equity of 12.19%. As a group, analysts predict that Star Bulk Carriers Corp. will post 3.72 earnings per share for the current year.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $3.00 dividend on an annualized basis and a yield of 12.45%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.45. Star Bulk Carriers’s payout ratio is presently 135.14%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlas Capital Advisors LLC acquired a new position in Star Bulk Carriers during the first quarter worth about $36,000. VisionPoint Advisory Group LLC acquired a new position in Star Bulk Carriers during the fourth quarter worth about $36,000. Principal Securities Inc. acquired a new position in Star Bulk Carriers during the fourth quarter worth about $40,000. FinTrust Capital Advisors LLC raised its position in Star Bulk Carriers by 100.0% during the first quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock worth $48,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in Star Bulk Carriers during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.