Hsbc Holdings PLC Buys New Shares in Star Bulk Carriers Corp. $SBLK

Key Points

• HSBC Holdings purchased 40,100 shares of Star Bulk Carriers during the first quarter, valued at approximately $909,000. Institutional investors collectively own 33.91% of the company.
• Star Bulk raised its quarterly dividend to $0.50 per share from $0.37, implying an annualized dividend of $2.00 and a 7.3% yield, though its payout ratio is elevated at 160%.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and a consensus price target of $31.50, above the stock’s reported $27.39 opening price.

Hsbc Holdings PLC purchased a new stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 40,100 shares of the shipping company's stock, valued at approximately $909,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Triumph Capital Management bought a new position in shares of Star Bulk Carriers during the 3rd quarter valued at about $26,000. Rhumbline Advisers raised its holdings in shares of Star Bulk Carriers by 141.7% during the 3rd quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company's stock valued at $32,000 after buying an additional 1,022 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Star Bulk Carriers in the 3rd quarter worth approximately $33,000. Morse Asset Management Inc bought a new stake in Star Bulk Carriers in the 3rd quarter worth approximately $37,000. Finally, Leonteq Securities AG purchased a new stake in Star Bulk Carriers in the fourth quarter worth approximately $38,000. Institutional investors own 33.91% of the company's stock.

Insiders Place Their Bets

In related news, Director Nikolaos Karellis sold 20,000 shares of Star Bulk Carriers stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Nikolaos Reskos sold 5,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $28.49, for a total transaction of $142,450.00. Following the transaction, the chief operating officer directly owned 362,775 shares in the company, valued at approximately $10,335,459.75. The trade was a 1.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 98,103 shares of company stock valued at $2,635,792 in the last ninety days. 0.90% of the stock is currently owned by insiders.

Star Bulk Carriers Trading Down 2.2%

NASDAQ SBLK opened at $27.39 on Thursday. Star Bulk Carriers Corp. has a fifty-two week low of $16.72 and a fifty-two week high of $28.50. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.55 and a current ratio of 1.73. The stock has a 50 day simple moving average of $26.50 and a two-hundred day simple moving average of $24.76. The stock has a market cap of $3.11 billion, a P/E ratio of 21.91 and a beta of 0.72.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 12th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 12th. This is a positive change from Star Bulk Carriers's previous quarterly dividend of $0.37. This represents a $2.00 dividend on an annualized basis and a yield of 7.3%. Star Bulk Carriers's payout ratio is 160.00%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Star Bulk Carriers in a research note on Wednesday, June 24th. Wall Street Zen raised shares of Star Bulk Carriers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 18th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $32.00 target price on shares of Star Bulk Carriers in a report on Friday, May 22nd. Zacks Research cut shares of Star Bulk Carriers from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Jefferies Financial Group boosted their price target on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $31.50.

Star Bulk Carriers Profile

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company's vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.

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