State Street Corp Reduces Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

State Street Corp lessened its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 35.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 90,170 shares of the shipping company's stock after selling 48,703 shares during the quarter. State Street Corp owned about 0.11% of Star Bulk Carriers worth $2,136,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Blue Trust Inc. grew its stake in Star Bulk Carriers by 190.5% during the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company's stock worth $49,000 after buying an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Star Bulk Carriers during the second quarter worth approximately $54,000. Quarry LP increased its holdings in shares of Star Bulk Carriers by 39.8% in the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company's stock valued at $56,000 after acquiring an additional 673 shares during the period. Point72 DIFC Ltd purchased a new stake in Star Bulk Carriers in the 2nd quarter valued at $72,000. Finally, AM Squared Ltd acquired a new stake in Star Bulk Carriers during the 3rd quarter worth $76,000. Institutional investors and hedge funds own 33.91% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. StockNews.com upgraded shares of Star Bulk Carriers from a "hold" rating to a "buy" rating in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft started coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a "buy" rating and a $26.00 target price on the stock. DNB Markets upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating and upped their price target for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. Stifel Nicolaus lowered shares of Star Bulk Carriers from a "buy" rating to a "hold" rating and lowered their price objective for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group restated a "buy" rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Star Bulk Carriers currently has an average rating of "Moderate Buy" and a consensus price target of $23.80.

Star Bulk Carriers Price Performance

SBLK stock traded up $0.55 on Thursday, reaching $15.50. 1,563,018 shares of the company's stock were exchanged, compared to its average volume of 1,675,473. The stock has a fifty day moving average of $17.44 and a 200-day moving average of $20.56. The firm has a market cap of $1.30 billion, a PE ratio of 5.24, a P/E/G ratio of 3.95 and a beta of 0.96. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. Star Bulk Carriers Corp. has a twelve month low of $14.56 and a twelve month high of $27.47.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th were issued a $0.60 dividend. The ex-dividend date was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 15.48%. Star Bulk Carriers's dividend payout ratio is presently 81.08%.

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.