Star Bulk Carriers (NASDAQ:SBLK) Stock Price Up 4.5% Following Analyst Upgrade

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price was up 4.5% during mid-day trading on Friday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock traded as high as $27.27 and last traded at $27.26. Approximately 450,444 shares traded hands during trading, a decline of 70% from the average daily volume of 1,505,443 shares. The stock had previously closed at $26.09.

Several other analysts have also issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Star Bulk Carriers in a research report on Thursday. Stifel Nicolaus raised 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.

Institutional Investors Weigh In On Star Bulk Carriers

A number of hedge funds have recently added to or reduced their stakes in SBLK. Atlas Capital Advisors LLC bought a new position in Star Bulk Carriers in the 1st quarter worth $36,000. VisionPoint Advisory Group LLC purchased a new stake in Star Bulk Carriers in the 4th quarter worth about $36,000. Principal Securities Inc. purchased a new stake in Star Bulk Carriers in the 4th quarter worth about $40,000. FinTrust Capital Advisors LLC raised its position in Star Bulk Carriers by 100.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock worth $48,000 after purchasing an additional 1,000 shares during the period. Finally, Creekmur Asset Management LLC bought a new position in Star Bulk Carriers in the 4th quarter worth about $50,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Price Performance

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.09 and a current ratio of 1.26. The firm has a market capitalization of $2.27 billion, a P/E ratio of 12.16 and a beta of 1.07. The stock’s 50 day simple moving average is $24.52 and its 200 day simple moving average is $22.49.

Star Bulk Carriers Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Thursday, June 6th. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.45. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.12%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 81.08%.

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.