Allianz Asset Management GmbH Grows Stock Holdings in Star Bulk Carriers Corp. $SBLK

Allianz Asset Management GmbH increased its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 54.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 484,491 shares of the shipping company's stock after buying an additional 170,502 shares during the period. Allianz Asset Management GmbH owned about 0.41% of Star Bulk Carriers worth $8,357,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of SBLK. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Star Bulk Carriers in the second quarter valued at about $57,227,000. Amundi lifted its holdings in shares of Star Bulk Carriers by 59.1% in the first quarter. Amundi now owns 1,868,249 shares of the shipping company's stock valued at $26,548,000 after purchasing an additional 693,683 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Star Bulk Carriers in the first quarter valued at about $10,734,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Star Bulk Carriers by 59.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,298,436 shares of the shipping company's stock valued at $20,204,000 after purchasing an additional 485,436 shares in the last quarter. Finally, Focus Partners Wealth lifted its holdings in shares of Star Bulk Carriers by 56.0% in the first quarter. Focus Partners Wealth now owns 938,208 shares of the shipping company's stock valued at $14,599,000 after purchasing an additional 336,873 shares in the last quarter. Hedge funds and other institutional investors own 33.91% of the company's stock.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK opened at $17.45 on Wednesday. Star Bulk Carriers Corp. has a 1-year low of $12.06 and a 1-year high of $20.54. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.61 and a quick ratio of 1.42. The firm has a 50 day simple moving average of $18.75 and a 200-day simple moving average of $17.28. The firm has a market cap of $2.05 billion, a PE ratio of 16.62 and a beta of 0.95.

Star Bulk Carriers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Thursday, August 28th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $0.20 annualized dividend and a yield of 1.1%. Star Bulk Carriers's dividend payout ratio is 19.05%.

Analysts Set New Price Targets

Several brokerages have issued reports on SBLK. Jefferies Financial Group reaffirmed a "buy" rating and issued a $22.00 price target on shares of Star Bulk Carriers in a report on Thursday, August 7th. Zacks Research raised shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Weiss Ratings reissued a "hold (c-)" rating on shares of Star Bulk Carriers in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Star Bulk Carriers from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $21.07.

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.

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