Arrow Investment Advisors LLC Takes Position in Star Bulk Carriers Corp. $SBLK

Key Points

• Arrow Investment Advisors LLC has taken a new position in Star Bulk Carriers Corp., acquiring 13,209 shares valued at approximately $228,000 during the 2nd quarter.
• Institutions currently own 33.91% of the stock, with several large investors, including Kingstone Capital Partners, increasing their stakes significantly.
• Star Bulk Carriers has declared a quarterly dividend of $0.05, which equates to an annualized dividend yield of 1.0% and a payout ratio of 19.05%.

Arrow Investment Advisors LLC bought a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 13,209 shares of the shipping company's stock, valued at approximately $228,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Star Bulk Carriers by 1,456.0% in the 1st quarter. GAMMA Investing LLC now owns 3,112 shares of the shipping company's stock worth $48,000 after purchasing an additional 2,912 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Star Bulk Carriers during the 1st quarter valued at about $67,000. Mountain Hill Investment Partners Corp. lifted its position in Star Bulk Carriers by 66.7% during the 1st quarter. Mountain Hill Investment Partners Corp. now owns 5,000 shares of the shipping company's stock valued at $78,000 after acquiring an additional 2,000 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in Star Bulk Carriers during the 1st quarter valued at about $125,000. Finally, Man Group plc purchased a new position in Star Bulk Carriers during the 4th quarter valued at about $154,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SBLK. 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. Zacks Research raised shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $21.07.

Star Bulk Carriers Stock Performance

NASDAQ SBLK traded up $0.55 during trading hours on Tuesday, hitting $19.69. 502,942 shares of the company's stock traded hands, compared to its average volume of 1,646,842. The business's fifty day moving average price is $18.94 and its two-hundred day moving average price is $16.96. The company has a current ratio of 1.61, a quick ratio of 1.42 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $2.32 billion, a P/E ratio of 18.76 and a beta of 0.97. Star Bulk Carriers Corp. has a 52 week low of $12.06 and a 52 week high of $23.82.

Star Bulk Carriers Dividend Announcement

The business also recently announced 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 was Thursday, August 28th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. Star Bulk Carriers's dividend payout ratio is currently 19.05%.

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.