State Street Corp Sells 48,703 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

State Street Corp lowered its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 35.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,170 shares of the shipping company’s stock after selling 48,703 shares during the quarter. State Street Corp owned 0.11% of Star Bulk Carriers worth $2,136,000 at the end of the most recent quarter.

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

Star Bulk Carriers Stock Performance

NASDAQ SBLK opened at $14.95 on Thursday. The stock has a market cap of $1.26 billion, a PE ratio of 5.05, a PEG ratio of 3.95 and a beta of 0.96. Star Bulk Carriers Corp. has a fifty-two week low of $14.56 and a fifty-two week high of $27.47. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.69. The firm’s fifty day moving average price is $17.52 and its two-hundred day moving average price is $20.60.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors 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 yield of 16.05%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 81.08%.

Analysts Set New Price Targets

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

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.