Sunbelt Securities Inc. Purchases New Stake in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,400 shares of the shipping company’s stock, valued at approximately $57,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SBLK. Nisa Investment Advisors LLC acquired a new position in shares of Star Bulk Carriers in the 2nd quarter valued at $32,000. Blue Trust Inc. increased its holdings in Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after purchasing an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Star Bulk Carriers in the second quarter valued at about $54,000. Quarry LP boosted its holdings in Star Bulk Carriers by 39.8% during the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after buying an additional 673 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of Star Bulk Carriers during the 2nd quarter worth about $72,000. 33.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SBLK. DNB Markets raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday. Jefferies Financial Group reaffirmed a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price for the company. Finally, Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their price target for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Star Bulk Carriers presently has a consensus rating of “Hold” and an average price target of $23.80.

Star Bulk Carriers Price Performance

Shares of NASDAQ SBLK opened at $15.15 on Monday. The company has a fifty day moving average price of $19.01 and a 200 day moving average price of $21.55. The firm has a market cap of $1.27 billion, a PE ratio of 5.12, a PEG ratio of 3.95 and a beta of 0.96. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. Star Bulk Carriers Corp. has a 1-year low of $15.06 and a 1-year high of $27.47.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 15.84%. Star Bulk Carriers’s payout ratio is presently 81.08%.

Star Bulk Carriers 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.