Astoria Portfolio Advisors LLC. Boosts Stake in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Astoria Portfolio Advisors LLC. lifted its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 14.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,388 shares of the shipping company’s stock after buying an additional 3,150 shares during the period. Astoria Portfolio Advisors LLC.’s holdings in Star Bulk Carriers were worth $564,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SBLK. Jessup Wealth Management Inc bought a new stake in Star Bulk Carriers in the fourth quarter worth about $5,042,000. Marketfield Asset Management LLC raised its holdings in shares of Star Bulk Carriers by 42.9% in the 4th quarter. Marketfield Asset Management LLC now owns 172,145 shares of the shipping company’s stock worth $3,660,000 after purchasing an additional 51,639 shares during the period. Seven Eight Capital LP lifted its stake in Star Bulk Carriers by 472.3% in the fourth quarter. Seven Eight Capital LP now owns 82,364 shares of the shipping company’s stock valued at $1,751,000 after purchasing an additional 67,973 shares during the last quarter. Grand Alliance Asset Management Ltd bought a new position in Star Bulk Carriers during the fourth quarter valued at $12,756,000. Finally, Boston Partners increased its position in Star Bulk Carriers by 110.1% in the fourth quarter. Boston Partners now owns 113,107 shares of the shipping company’s stock worth $2,405,000 after buying an additional 59,264 shares during the last quarter. 33.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SBLK shares. StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Stifel Nicolaus increased their target price on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, May 24th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 target price on shares of Star Bulk Carriers in a research note on Thursday, May 23rd.

Star Bulk Carriers Price Performance

Shares of NASDAQ SBLK opened at $24.38 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.25 and a current ratio of 1.43. Star Bulk Carriers Corp. has a fifty-two week low of $16.57 and a fifty-two week high of $27.47. The stock has a market cap of $2.05 billion, a PE ratio of 10.98 and a beta of 1.04. The stock has a fifty day moving average of $25.28 and a 200-day moving average of $23.47.

Star Bulk Carriers (NASDAQ:SBLK) last issued its earnings results on Wednesday, May 22nd. The shipping company reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. The business had revenue of $259.39 million during the quarter, compared to the consensus estimate of $260.78 million. Star Bulk Carriers had a return on equity of 12.19% and a net margin of 20.57%. Equities research analysts anticipate that Star Bulk Carriers Corp. will post 3.72 earnings per share for the current year.

Star Bulk Carriers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $3.00 annualized dividend and a yield of 12.31%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.45. Star Bulk Carriers’s payout ratio is currently 135.14%.

Star Bulk Carriers Company 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.