Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Up Following Dividend Announcement

Star Bulk Carriers Corp. (NASDAQ:SBLK) gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $25.57, but opened at $26.53. Star Bulk Carriers shares last traded at $26.38, with a volume of 483,518 shares.

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

Analyst Ratings Changes

Several brokerages recently issued reports on SBLK. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Star Bulk Carriers in a research report on Thursday. Finally, Stifel Nicolaus lifted their target price on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Friday.

Star Bulk Carriers Stock Up 3.4 %

The company has a current ratio of 1.26, a quick ratio of 1.09 and a debt-to-equity ratio of 0.59. The firm has a 50-day simple moving average of $24.52 and a two-hundred day simple moving average of $22.49. The stock has a market cap of $2.27 billion, a P/E ratio of 12.16 and a beta of 1.07.

Institutional Investors Weigh In On Star Bulk Carriers

A number of large investors have recently bought and sold shares of SBLK. Grand Alliance Asset Management Ltd acquired a new position in Star Bulk Carriers during the fourth quarter worth about $12,756,000. Artemis Investment Management LLP lifted its stake in Star Bulk Carriers by 112.7% in the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock valued at $18,915,000 after purchasing an additional 420,100 shares during the last quarter. Ramirez Asset Management Inc. acquired a new stake in Star Bulk Carriers in the third quarter valued at approximately $7,752,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Star Bulk Carriers during the first quarter worth $7,814,000. Finally, Jessup Wealth Management Inc bought a new stake in shares of Star Bulk Carriers during the fourth quarter worth $5,042,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.