Bank of New York Mellon Corp Purchases New Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Bank of New York Mellon Corp acquired a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 952,085 shares of the shipping company’s stock, valued at approximately $23,212,000. Bank of New York Mellon Corp owned approximately 1.13% of Star Bulk Carriers at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SBLK. Institute for Wealth Management LLC. grew its position in Star Bulk Carriers by 22.9% during the second quarter. Institute for Wealth Management LLC. now owns 16,822 shares of the shipping company’s stock valued at $410,000 after buying an additional 3,132 shares during the period. Dakota Wealth Management grew its position in shares of Star Bulk Carriers by 159.3% during the 2nd quarter. Dakota Wealth Management now owns 80,154 shares of the shipping company’s stock valued at $1,954,000 after acquiring an additional 49,244 shares during the period. Nisa Investment Advisors LLC purchased a new position in shares of Star Bulk Carriers in the 2nd quarter valued at about $32,000. Raymond James & Associates raised its holdings in Star Bulk Carriers by 40.2% in the 2nd quarter. Raymond James & Associates now owns 55,881 shares of the shipping company’s stock worth $1,362,000 after purchasing an additional 16,022 shares during the period. Finally, CFM Wealth Partners LLC boosted its position in Star Bulk Carriers by 7.5% during the second quarter. CFM Wealth Partners LLC now owns 89,397 shares of the shipping company’s stock worth $2,179,000 after purchasing an additional 6,226 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday, May 24th. Jefferies Financial Group restated a “buy” rating and set a $30.00 price objective on shares of Star Bulk Carriers in a research report on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Star Bulk Carriers in a research report on Wednesday. They issued a “buy” rating and a $26.00 target price on the stock. Finally, Stifel Nicolaus raised their price target on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, May 24th.

Star Bulk Carriers Stock Down 0.0 %

NASDAQ SBLK opened at $20.55 on Thursday. Star Bulk Carriers Corp. has a one year low of $17.12 and a one year high of $27.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.34 and a current ratio of 1.51. The business has a fifty day moving average price of $22.56 and a 200 day moving average price of $23.85. The company has a market cap of $1.73 billion, a P/E ratio of 9.26 and a beta of 0.97.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). The business had revenue of $352.88 million during the quarter, compared to analysts’ expectations of $329.38 million. Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. During the same period in the prior year, the business posted $0.47 earnings per share. Research analysts anticipate that Star Bulk Carriers Corp. will post 3.47 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 13.63%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 126.13%.

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.