Star Bulk Carriers (NASDAQ:SBLK) Director Sells $112,420.00 in Stock

Key Points

• Director Eleni Vrettou sold 3,500 Star Bulk Carriers shares at an average price of $32.12, totaling $112,420. After the sale, she retained 73,686 shares valued at approximately $2.37 million.
• Star Bulk Carriers reported quarterly EPS of $1.21, exceeding analyst expectations of $0.95, while revenue of $284.60 million was broadly in line with estimates.
• The company increased its quarterly dividend to $0.90 per share, implying a $3.60 annualized payout and an 11.3% yield. Analysts maintain a “Moderate Buy” consensus with a $31.50 target price.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) Director Eleni Vrettou sold 3,500 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $32.12, for a total transaction of $112,420.00. Following the completion of the sale, the director directly owned 73,686 shares of the company's stock, valued at $2,366,794.32. This trade represents a 4.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $31.73 on Tuesday. The company's fifty day moving average price is $29.40 and its two-hundred day moving average price is $26.70. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.91 and a quick ratio of 1.74. The firm has a market capitalization of $3.60 billion, a P/E ratio of 12.44 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.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.21 EPS for the quarter, topping the consensus estimate of $0.95 by $0.26. The business had revenue of $284.60 million for the quarter, compared to analysts' expectations of $284.29 million. Star Bulk Carriers had a return on equity of 11.72% and a net margin of 23.87%. On average, research 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were issued a dividend of $0.90 per share. The ex-dividend date was Friday, August 21st. This represents a $3.60 annualized dividend and a yield of 11.3%. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.50. Star Bulk Carriers's dividend payout ratio (DPR) is presently 141.18%.

Institutional Investors Weigh In On Star Bulk Carriers

Institutional investors have recently made changes to their positions in the company. Impala Asset Management LLC lifted its stake in Star Bulk Carriers by 39.2% during the fourth quarter. Impala Asset Management LLC now owns 167,000 shares of the shipping company's stock worth $3,210,000 after purchasing an additional 47,000 shares during the last quarter. Bank of America Corp DE increased its stake in Star Bulk Carriers by 48.5% during the first 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 during the last quarter. Hsbc Holdings PLC bought a new stake in Star Bulk Carriers during the first quarter valued at $909,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Star Bulk Carriers during the first quarter worth $4,788,000. Finally, Fearnley Asset Management AS acquired a new stake in shares of Star Bulk Carriers during the fourth quarter worth $11,096,000. 33.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SBLK. Jefferies Financial Group increased their target price on Star Bulk Carriers from $29.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Weiss Ratings upgraded shares of Star Bulk Carriers from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 27th. Finally, Zacks Research cut shares of Star Bulk Carriers from a "strong-buy" rating to a "hold" rating in a report on Friday. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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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