Star Bulk Carriers Corp. Announces Quarterly Dividend of $1.65 (NASDAQ:SBLK)

Star Bulk Carriers Corp. (NASDAQ:SBLKGet Rating) announced a quarterly dividend on Thursday, August 4th, Zacks reports. Stockholders of record on Thursday, August 25th will be paid a dividend of 1.65 per share by the shipping company on Thursday, September 8th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 25.80%. The ex-dividend date is Wednesday, August 24th.

Star Bulk Carriers has a payout ratio of 118.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Star Bulk Carriers to earn $5.77 per share next year, which means the company may not be able to cover its $6.60 annual dividend with an expected future payout ratio of 114.4%.

Star Bulk Carriers Price Performance

Shares of NASDAQ SBLK traded up $0.82 during midday trading on Friday, reaching $25.58. The stock had a trading volume of 3,245,235 shares, compared to its average volume of 1,678,676. The stock has a 50-day moving average of $26.06 and a 200-day moving average of $27.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.86 and a current ratio of 2.13. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 2.94 and a beta of 0.94. Star Bulk Carriers has a 12-month low of $17.80 and a 12-month high of $33.99.

Star Bulk Carriers (NASDAQ:SBLKGet Rating) last issued its earnings results on Thursday, August 4th. The shipping company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.25. Star Bulk Carriers had a net margin of 52.61% and a return on equity of 43.74%. During the same quarter last year, the business earned $1.26 earnings per share. As a group, research analysts anticipate that Star Bulk Carriers will post 7.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors have recently bought and sold shares of SBLK. JPMorgan Chase & Co. lifted its position in Star Bulk Carriers by 861.2% during the first quarter. JPMorgan Chase & Co. now owns 130,578 shares of the shipping company’s stock valued at $3,877,000 after purchasing an additional 116,993 shares during the last quarter. Raymond James & Associates lifted its position in Star Bulk Carriers by 101.2% during the first quarter. Raymond James & Associates now owns 72,627 shares of the shipping company’s stock valued at $2,156,000 after purchasing an additional 36,528 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in Star Bulk Carriers during the first quarter valued at $290,000. PNC Financial Services Group Inc. bought a new stake in shares of Star Bulk Carriers in the 1st quarter worth about $630,000. Finally, BlackRock Inc. lifted its holdings in shares of Star Bulk Carriers by 46.1% in the 1st quarter. BlackRock Inc. now owns 791,111 shares of the shipping company’s stock worth $23,488,000 after acquiring an additional 249,770 shares during the last quarter. Institutional investors own 49.81% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SBLK. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Wednesday. Stifel Nicolaus dropped their target price on shares of Star Bulk Carriers from $37.00 to $32.00 in a research report on Tuesday, July 19th. Finally, Jefferies Financial Group started coverage on shares of Star Bulk Carriers in a research report on Wednesday, July 20th. They set a “buy” rating and a $30.00 target price for the company.

Star Bulk Carriers Company Profile

(Get Rating)

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.

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Dividend History for Star Bulk Carriers (NASDAQ:SBLK)

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