Wells Fargo & Company MN Trims Stake in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Wells Fargo & Company MN decreased its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 93.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,514 shares of the shipping company's stock after selling 653,794 shares during the quarter. Wells Fargo & Company MN owned 0.05% of Star Bulk Carriers worth $680,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Star Bulk Carriers in the 4th quarter worth approximately $28,000. Parkside Financial Bank & Trust purchased a new position in Star Bulk Carriers in the fourth quarter worth $30,000. Steward Partners Investment Advisory LLC increased its stake in Star Bulk Carriers by 177.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company's stock valued at $39,000 after acquiring an additional 1,676 shares during the last quarter. Mountain Hill Investment Partners Corp. purchased a new stake in Star Bulk Carriers during the fourth quarter valued at about $45,000. Finally, Blue Trust Inc. lifted its stake in Star Bulk Carriers by 51.3% during the fourth quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company's stock worth $46,000 after purchasing an additional 1,038 shares during the last quarter. 33.91% of the stock is currently owned by institutional investors.

Star Bulk Carriers Trading Down 0.1 %

Shares of SBLK stock traded down $0.02 during mid-day trading on Wednesday, reaching $14.96. The stock had a trading volume of 785,076 shares, compared to its average volume of 1,830,891. The firm has a market capitalization of $1.76 billion, a PE ratio of 5.21 and a beta of 0.89. The stock's 50-day moving average price is $14.99 and its two-hundred day moving average price is $16.05. The company has a current ratio of 1.65, a quick ratio of 1.50 and a debt-to-equity ratio of 0.42. Star Bulk Carriers Corp. has a 52-week low of $12.06 and a 52-week high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.08). Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. The business had revenue of $308.92 million for the quarter, compared to analysts' expectations of $230.91 million. Equities analysts expect that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.41%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers's dividend payout ratio (DPR) is currently 12.54%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SBLK. Jefferies Financial Group decreased their price objective on Star Bulk Carriers from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. StockNews.com downgraded shares of Star Bulk Carriers from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $22.05.

Star Bulk Carriers Profile

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.