Grand Alliance Asset Management Ltd Buys 40,000 Shares of Star Bulk Carriers Corp. $SBLK

Key Points

• Grand Alliance Asset Management Ltd increased its stake in Star Bulk Carriers Corp. by 5.4%, owning 780,000 shares valued at approximately $12.14 million.
• Star Bulk Carriers recently announced a quarterly dividend of $0.05 per share, equating to an annualized yield of 1.1% with a payout ratio of 19.05%.
• Analyst ratings for SBLK reflect a consensus of "Hold" with a target price averaging around $22.30, indicating moderate expectations for the stock's future performance.

Grand Alliance Asset Management Ltd boosted its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 5.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 780,000 shares of the shipping company's stock after acquiring an additional 40,000 shares during the period. Star Bulk Carriers accounts for about 14.0% of Grand Alliance Asset Management Ltd's portfolio, making the stock its 4th biggest position. Grand Alliance Asset Management Ltd owned about 0.66% of Star Bulk Carriers worth $12,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vident Advisory LLC increased its stake in shares of Star Bulk Carriers by 253.1% in the 1st quarter. Vident Advisory LLC now owns 78,017 shares of the shipping company's stock valued at $1,214,000 after purchasing an additional 55,923 shares during the last quarter. Valueworks LLC increased its stake in shares of Star Bulk Carriers by 6.6% in the 1st quarter. Valueworks LLC now owns 364,270 shares of the shipping company's stock valued at $5,668,000 after purchasing an additional 22,545 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Star Bulk Carriers in the 1st quarter valued at $67,000. Raiffeisen Bank International AG increased its stake in shares of Star Bulk Carriers by 73.2% in the 1st quarter. Raiffeisen Bank International AG now owns 56,201 shares of the shipping company's stock valued at $898,000 after purchasing an additional 23,746 shares during the last quarter. Finally, Moors & Cabot Inc. increased its stake in shares of Star Bulk Carriers by 12.3% in the 1st quarter. Moors & Cabot Inc. now owns 51,275 shares of the shipping company's stock valued at $798,000 after purchasing an additional 5,629 shares during the last quarter. Institutional investors own 33.91% of the company's stock.

Wall Street Analyst Weigh In

SBLK has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a "buy" rating and issued a $22.00 price target on shares of Star Bulk Carriers in a research note on Thursday, August 7th. Zacks Research upgraded Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Wall Street Zen upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Star Bulk Carriers currently has a consensus rating of "Hold" and an average target price of $21.07.

Star Bulk Carriers Price Performance

Shares of NASDAQ SBLK traded up $0.07 during mid-day trading on Thursday, hitting $19.00. 630,357 shares of the stock traded hands, compared to its average volume of 1,673,024. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.61 and a quick ratio of 1.42. Star Bulk Carriers Corp. has a twelve month low of $12.06 and a twelve month high of $23.82. The company has a market cap of $2.23 billion, a PE ratio of 18.08 and a beta of 0.97. The firm has a 50 day simple moving average of $18.51 and a two-hundred day simple moving average of $16.60.

Star Bulk Carriers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Thursday, August 28th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.20 annualized dividend and a dividend yield of 1.1%. Star Bulk Carriers's dividend payout ratio (DPR) is 19.05%.

Star Bulk Carriers Company 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.