Janney Montgomery Scott LLC Sells 983 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Janney Montgomery Scott LLC decreased its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 0.8% during the fourth quarter, HoldingsChannel reports. The firm owned 125,084 shares of the shipping company’s stock after selling 983 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Star Bulk Carriers were worth $2,659,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SBLK. Grand Alliance Asset Management Ltd bought a new position in Star Bulk Carriers in the 4th quarter worth $12,756,000. Ramirez Asset Management Inc. bought a new position in shares of Star Bulk Carriers in the third quarter worth about $7,752,000. Artemis Investment Management LLP boosted its stake in Star Bulk Carriers by 407.1% during the 4th quarter. Artemis Investment Management LLP now owns 372,702 shares of the shipping company’s stock valued at $7,924,000 after purchasing an additional 299,200 shares during the period. Hosking Partners LLP boosted its stake in Star Bulk Carriers by 20.1% during the 3rd quarter. Hosking Partners LLP now owns 291,317 shares of the shipping company’s stock valued at $5,617,000 after purchasing an additional 48,691 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Star Bulk Carriers by 39.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,214 shares of the shipping company’s stock valued at $6,064,000 after buying an additional 80,406 shares during the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Trading Up 3.4 %

SBLK stock opened at $26.99 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.26 and a quick ratio of 1.09. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 12.16 and a beta of 1.07. The business has a fifty day moving average price of $24.52 and a 200 day moving average price of $22.49. Star Bulk Carriers Corp. has a fifty-two week low of $16.57 and a fifty-two week high of $27.40.

Star Bulk Carriers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 11.12%. The ex-dividend date is Thursday, June 6th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.45. Star Bulk Carriers’s dividend payout ratio is 81.08%.

Wall Street Analysts Forecast Growth

SBLK has been the topic of several research analyst reports. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Friday. 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. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 target price on shares of Star Bulk Carriers in a research note on Thursday.

About Star Bulk Carriers

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.