Star Bulk Carriers (NASDAQ:SBLK) Stock Price Down 3.8% - Here's Why

Key Points

• Star Bulk Carriers' stock (NASDAQ:SBLK) declined by 3.8% to $18.76 during mid-day trading, significantly below the previous closing price of $19.50.
• Equities analysts have updated their ratings on SBLK, with Wall Street Zen and Zacks Research both moving from "sell" or "strong sell" to a "hold" rating, while Jefferies maintains a "buy" rating with a price target of $22.00.
• The company declared a quarterly dividend of $0.05 per share, translating to an annualized rate of $0.20 and a yield of 1.1%.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report)'s stock price was down 3.8% during trading on Thursday . The stock traded as low as $18.84 and last traded at $18.76. Approximately 366,042 shares changed hands during trading, a decline of 78% from the average daily volume of 1,656,732 shares. The stock had previously closed at $19.50.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Zacks Research upgraded Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Jefferies Financial Group reiterated a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Star Bulk Carriers presently has an average rating of "Hold" and an average target price of $21.07.

Star Bulk Carriers Stock Down 0.3%

The stock has a 50-day moving average of $18.79 and a 200-day moving average of $16.82. 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 firm has a market cap of $2.27 billion, a price-to-earnings ratio of 18.38 and a beta of 0.97.

Star Bulk Carriers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Thursday, August 28th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 28th. Star Bulk Carriers's payout ratio is currently 19.05%.

Institutional Trading of Star Bulk Carriers

A number of hedge funds and other institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. bought a new stake in shares of Star Bulk Carriers in the 2nd quarter worth $380,000. Tower Research Capital LLC TRC raised its stake in shares of Star Bulk Carriers by 135.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,420 shares of the shipping company's stock worth $42,000 after buying an additional 1,391 shares in the last quarter. Tidal Investments LLC raised its position in shares of Star Bulk Carriers by 11.2% during the second quarter. Tidal Investments LLC now owns 49,502 shares of the shipping company's stock worth $854,000 after purchasing an additional 5,003 shares during the period. BNP Paribas Financial Markets raised its position in shares of 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 worth $236,000 after purchasing an additional 616 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Star Bulk Carriers by 7.0% during the second quarter. Ameriprise Financial Inc. now owns 1,627,325 shares of the shipping company's stock worth $28,058,000 after purchasing an additional 107,069 shares during the period. Institutional investors own 33.91% of the company's stock.

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.