Invesco Ltd. Sells 40,677 Shares of Star Bulk Carriers Corp. $SBLK

Key Points

• Invesco Ltd. reduced its stake in Star Bulk Carriers Corp. by 20.3%, selling 40,677 shares, and now owns 159,907 shares valued at approximately $2.49 million.
• Multiple large investors increased their holdings in Star Bulk Carriers, with Millennium Management LLC boosting its stake by an impressive 97.2%.
• Star Bulk Carriers recently announced a quarterly dividend of $0.05 per share, reflecting a 1.1% dividend yield with a payout ratio of 19.05%.

Invesco Ltd. lowered its position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 20.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 159,907 shares of the shipping company's stock after selling 40,677 shares during the period. Invesco Ltd. owned 0.14% of Star Bulk Carriers worth $2,488,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SBLK. Raymond James Financial Inc. bought a new position in Star Bulk Carriers in the fourth quarter worth approximately $970,000. Northern Trust Corp boosted its holdings in Star Bulk Carriers by 21.1% in the fourth quarter. Northern Trust Corp now owns 93,352 shares of the shipping company's stock worth $1,396,000 after acquiring an additional 16,287 shares in the last quarter. Bayesian Capital Management LP bought a new position in Star Bulk Carriers in the fourth quarter worth approximately $168,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Star Bulk Carriers by 39,904.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 175,219 shares of the shipping company's stock valued at $2,620,000 after purchasing an additional 174,781 shares in the last quarter. Finally, Encompass Capital Advisors LLC lifted its holdings in shares of Star Bulk Carriers by 13.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,240,650 shares of the shipping company's stock valued at $18,548,000 after purchasing an additional 147,659 shares in the last quarter. Institutional investors own 33.91% of the company's stock.

Star Bulk Carriers Stock Performance

Shares of NASDAQ SBLK traded up $0.18 during mid-day trading on Thursday, hitting $19.11. The company had a trading volume of 1,159,310 shares, compared to its average volume of 993,970. Star Bulk Carriers Corp. has a 1 year low of $12.06 and a 1 year high of $23.82. The stock's 50-day moving average price is $18.55 and its 200-day moving average price is $16.62. 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 company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 18.20 and a beta of 0.97.

Star Bulk Carriers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Thursday, August 28th will be paid 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 yield of 1.0%. Star Bulk Carriers's payout ratio is 19.05%.

Analyst Ratings Changes

A number of research firms have recently weighed in on SBLK. Wall Street Zen upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Zacks Research upgraded Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus 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.