JPMorgan Chase & Co. Buys 49,968 Shares of Star Bulk Carriers Corp. $SBLK

Key Points

• JPMorgan Chase & Co. boosted its stake in Star Bulk by 101% in Q3, buying 49,968 shares to hold 99,439 shares worth about $1.85 million (roughly 0.08% of the company).
• Dividend hike: Star Bulk raised its quarterly dividend to $0.37 (annualized $1.48) for a 6.2% yield, but the dividend payout ratio is an elevated 202.74%, which may be unsustainable.
• Analysts maintain a consensus Hold with a $22 average price target while the stock trades near $23.72; the company recently beat EPS estimates ($0.62 vs. $0.52) but missed revenue expectations.

JPMorgan Chase & Co. boosted its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 101.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 99,439 shares of the shipping company's stock after buying an additional 49,968 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.08% of Star Bulk Carriers worth $1,849,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets grew its position in Star Bulk Carriers by 4.7% during the second quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company's stock valued at $236,000 after buying an additional 616 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Star Bulk Carriers by 20.9% during the third quarter. Public Employees Retirement System of Ohio now owns 4,114 shares of the shipping company's stock valued at $76,000 after purchasing an additional 712 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Star Bulk Carriers by 50.8% during the third quarter. Jones Financial Companies Lllp now owns 2,381 shares of the shipping company's stock valued at $46,000 after purchasing an additional 802 shares during the last quarter. Vident Advisory LLC lifted its holdings in Star Bulk Carriers by 5.6% during the third quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company's stock valued at $314,000 after purchasing an additional 891 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Star Bulk Carriers by 141.7% during the third quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company's stock valued at $32,000 after purchasing an additional 1,022 shares during the last quarter. Institutional investors own 33.91% of the company's stock.

Analyst Upgrades and Downgrades

SBLK has been the topic of several recent research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Star Bulk Carriers in a report on Friday, March 27th. Zacks Research downgraded shares of Star Bulk Carriers from a "strong-buy" rating to a "hold" rating in a report on Friday, January 30th. Finally, Wall Street Zen downgraded shares of Star Bulk Carriers from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 29th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Star Bulk Carriers presently has a consensus rating of "Hold" and an average price target of $22.00.

Star Bulk Carriers Trading Down 1.6%

Shares of SBLK opened at $23.72 on Wednesday. The business's 50-day moving average price is $23.64 and its 200-day moving average price is $20.71. Star Bulk Carriers Corp. has a twelve month low of $12.06 and a twelve month high of $27.20. The stock has a market cap of $2.69 billion, a PE ratio of 32.49 and a beta of 0.78. The company has a quick ratio of 1.65, a current ratio of 1.78 and a debt-to-equity ratio of 0.34.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.10. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%.The firm had revenue of $230.79 million for the quarter, compared to analysts' expectations of $250.51 million. On average, equities analysts forecast that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Monday, March 9th were given a dividend of $0.37 per share. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.11. This represents a $1.48 annualized dividend and a dividend yield of 6.2%. The ex-dividend date was Monday, March 9th. Star Bulk Carriers's dividend payout ratio (DPR) is currently 202.74%.

Star Bulk Carriers Company 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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