Star Bulk Carriers Corp. (NASDAQ:SBLK) Declares Dividend Increase – $0.50 Per Share

Star Bulk Carriers Corp. (NASDAQ:SBLK) announced a quarterly dividend on Wednesday, May 20th. Investors of record on Friday, June 12th will be paid a dividend of 0.50 per share by the shipping company on Monday, June 22nd. This represents a c) dividend on an annualized basis and a yield of 7.5%. The ex-dividend date is Friday, June 12th. This is a 35.1% increase from Star Bulk Carriers’s previous quarterly dividend of $0.37.

Star Bulk Carriers has increased its dividend payment by an average of 0.4%annually over the last three years. Star Bulk Carriers has a payout ratio of 51.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Star Bulk Carriers to earn $3.05 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 48.5%.

Star Bulk Carriers Trading Up 2.3%

Shares of NASDAQ:SBLK opened at $26.69 on Thursday. The company has a market capitalization of $3.03 billion, a P/E ratio of 36.56 and a beta of 0.71. Star Bulk Carriers has a 1 year low of $15.78 and a 1 year high of $27.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.78 and a quick ratio of 1.65. The business’s 50 day simple moving average is $24.40 and its 200 day simple moving average is $22.18.

Star Bulk Carriers (NASDAQ:SBLK) last issued its quarterly earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. The business had revenue of $230.79 million for the quarter, compared to the consensus estimate of $250.51 million. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%. On average, research analysts anticipate that Star Bulk Carriers will post 3.85 EPS for the current fiscal year.

Insider Activity at Star Bulk Carriers

In other news, COO Nikolaos Reskos sold 33,103 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $26.28, for a total value of $869,946.84. Following the completion of the transaction, the chief operating officer directly owned 407,775 shares in the company, valued at approximately $10,716,327. This represents a 7.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 43,189 shares of company stock valued at $1,122,645. 0.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Star Bulk Carriers

A number of hedge funds and other institutional investors have recently made changes to their positions in SBLK. Allianz Asset Management GmbH increased its position in Star Bulk Carriers by 34.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 652,982 shares of the shipping company’s stock valued at $12,139,000 after purchasing an additional 168,491 shares during the period. JPMorgan Chase & Co. increased its position in Star Bulk Carriers by 101.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock valued at $1,849,000 after purchasing an additional 49,968 shares during the period. Mirabella Financial Services LLP acquired a new stake in Star Bulk Carriers during the 3rd quarter valued at approximately $2,822,000. Glenorchy Capital Ltd increased its position in Star Bulk Carriers by 9.4% during the 4th quarter. Glenorchy Capital Ltd now owns 30,319 shares of the shipping company’s stock valued at $583,000 after purchasing an additional 2,607 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Star Bulk Carriers by 68.4% in the 4th quarter. Blue Trust Inc. now owns 5,557 shares of the shipping company’s stock worth $107,000 after acquiring an additional 2,258 shares in the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

About Star Bulk Carriers

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.