Star Bulk Carriers (NASDAQ:SBLK) Director Nikolaos Karellis Buys 2,000 Shares

Key Points

• Director Nikolaos Karellis bought 2,000 SBLK shares at an average price of $28.27, investing $56,540 and increasing his ownership by 26.39% to 9,580 shares.
• Star Bulk reported quarterly earnings of $1.21 per share, beating estimates of $0.95, while revenue broadly matched expectations at $284.6 million.
• The company raised its quarterly dividend to $0.90 per share, implying a $3.60 annualized payout and an 11.6% yield, although its payout ratio stands at 141.18%.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) Director Nikolaos Karellis acquired 2,000 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average price of $28.27 per share, for a total transaction of $56,540.00. Following the completion of the acquisition, the director owned 9,580 shares in the company, valued at approximately $270,826.60. This trade represents a 26.39% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Star Bulk Carriers Trading Down 0.7%

Shares of NASDAQ:SBLK traded down $0.23 during trading on Wednesday, reaching $30.98. 1,063,858 shares of the stock were exchanged, compared to its average volume of 1,427,213. The firm's 50-day moving average price is $28.97 and its 200 day moving average price is $26.54. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 12.15 and a beta of 0.70. Star Bulk Carriers Corp. has a 12-month low of $16.72 and a 12-month high of $32.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.74 and a current ratio of 1.91.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.26. Star Bulk Carriers had a net margin of 23.87% and a return on equity of 11.72%. The firm had revenue of $284.60 million during the quarter, compared to analysts' expectations of $284.29 million. On average, sell-side analysts anticipate that Star Bulk Carriers Corp. will post 4.32 earnings per share for the current fiscal year.

Star Bulk Carriers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 11.6%. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.50. The ex-dividend date was Friday, August 21st. Star Bulk Carriers's payout ratio is currently 141.18%.

Key Stories Impacting Star Bulk Carriers

Here are the key news stories impacting Star Bulk Carriers this week:

• Positive Sentiment: Insiders bought shares: CFO Symeon Spyrou purchased 15,000 shares for approximately $424,050, while directors Koert Erhardt and Nikolaos Karellis bought 6,000 and 2,000 shares, respectively. The purchases increase their ownership and may signal confidence in SBLK’s valuation and outlook. CFO insider purchase filing
• Positive Sentiment: Zacks upgraded SBLK’s standing: Star Bulk was added to the Zacks Rank #1, or “Strong Buy,” list and to its Strong Buy income-stock list. The ratings may support investor interest, particularly among dividend-focused investors. Zacks Strong Buy stocks
• Neutral Sentiment: Euronext Athens listing completed: SBLK listed its common shares on Euronext Athens and announced the opening price for all 116,071,386 outstanding shares. The listing could broaden access to Greek and European investors, although its immediate effect on fundamentals is limited. Euronext listing announcement
• Negative Sentiment: Public offering creates dilution concerns: Star Bulk raised approximately €107.8 million through a Greek public offering of new common shares. The additional liquidity may support corporate purposes, but issuing new shares can dilute existing shareholders and pressure the stock in the near term. Star Bulk Euronext Athens offering

Institutional Trading of Star Bulk Carriers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its stake in Star Bulk Carriers by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company's stock valued at $47,494,000 after acquiring an additional 237,248 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in Star Bulk Carriers during the 1st quarter worth $19,893,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Star Bulk Carriers in the 1st quarter worth about $17,398,000. Fearnley Asset Management AS bought a new stake in shares of Star Bulk Carriers in the 4th quarter worth about $11,096,000. Finally, Bank of America Corp DE raised its stake in shares of Star Bulk Carriers by 48.5% in the 1st quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company's stock valued at $12,991,000 after purchasing an additional 184,837 shares in the last quarter. Institutional investors own 33.91% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SBLK. Jefferies Financial Group lifted 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. Weiss Ratings upgraded Star Bulk Carriers from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 27th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $32.00 target price on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Finally, Zacks Research upgraded Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $31.50.

About Star Bulk Carriers

Star Bulk Carriers Corp. is a global dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities. Its fleet serves the international supply chains for iron ore, grain, bauxite, fertilizers, steel products and other dry cargoes.

The company operates a diversified fleet that includes large Capesize and Newcastlemax vessels as well as Panamax, Ultramax and Supramax bulk carriers. Star Bulk's vessels serve customers and ports across major shipping routes worldwide, supporting commodity trade between producers, exporters and end markets.

Star Bulk Carriers was founded in 2006 and is headquartered in Maroussi, Greece, with the company incorporated in the Marshall Islands.

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