Star Bulk Carriers Corp. (NASDAQ:SBLK) Increases Dividend to $0.90 Per Share

Key Points

• Star Bulk Carriers increased its quarterly dividend 80%, from $0.50 to $0.90 per share. The dividend implies an annualized payout of $3.60 and a 12.9% yield, with payment scheduled for September 3 to shareholders of record August 21.
• The company’s dividend appears supported by earnings, with a current payout ratio of 69.4%; analysts expect a 63.5% future payout ratio based on projected earnings of $3.15 per share.
• SBLK shares opened at $27.96, near their 52-week high of $29.34. Insiders sold 103,103 shares worth approximately $2.8 million over the past 90 days, while institutional investors own 33.91% of the stock.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) declared a quarterly dividend on Wednesday, August 5th. Investors of record on Friday, August 21st will be given a dividend of 0.90 per share by the shipping company on Thursday, September 3rd. This represents a c) annualized dividend and a dividend yield of 12.9%. The ex-dividend date is Friday, August 21st. This is a 80.0% increase from Star Bulk Carriers's previous quarterly dividend of $0.50.

Star Bulk Carriers has raised its dividend payment by an average of 0.4%annually over the last three years. Star Bulk Carriers has a dividend payout ratio of 69.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Star Bulk Carriers to earn $3.15 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 63.5%.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $27.96 on Thursday. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 22.37 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.73 and a quick ratio of 1.55. The business has a fifty day moving average of $26.66 and a 200 day moving average of $25.05. Star Bulk Carriers has a 1 year low of $16.72 and a 1 year high of $29.34.

Insider Buying and Selling

In related news, Director Nikolaos Karellis sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was 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 Securities & Exchange Commission, which is accessible through this link. Also, COO Nikolaos Reskos sold 5,000 shares of Star Bulk Carriers stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $28.99, for a total value of $144,950.00. Following the transaction, the chief operating officer owned 405,875 shares in the company, valued at approximately $11,766,316.25. The trade was a 1.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 103,103 shares of company stock valued at $2,780,742 over the last 90 days. Company insiders own 0.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Star Bulk Carriers by 101.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company's stock valued at $1,849,000 after buying an additional 49,968 shares during the period. Impala Asset Management LLC grew its position in Star Bulk Carriers by 39.2% in the fourth quarter. Impala Asset Management LLC now owns 167,000 shares of the shipping company's stock worth $3,210,000 after acquiring an additional 47,000 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in Star Bulk Carriers in the first quarter worth approximately $4,788,000. Hsbc Holdings PLC acquired a new stake in Star Bulk Carriers during the first quarter worth $909,000. Finally, Fearnley Asset Management AS acquired a new stake in Star Bulk Carriers during the fourth quarter worth $11,096,000. Institutional investors and hedge funds own 33.91% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source