Victory Capital Management Inc. Purchases Shares of 23,589 Star Bulk Carriers Corp. (NASDAQ:SBLK)

Victory Capital Management Inc. bought a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 23,589 shares of the shipping company’s stock, valued at approximately $575,000.

Several other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC purchased a new position in shares of Star Bulk Carriers in the 2nd quarter worth about $32,000. Atlas Capital Advisors LLC bought a new position in Star Bulk Carriers during the first quarter valued at approximately $36,000. Principal Securities Inc. bought a new position in Star Bulk Carriers during the fourth quarter valued at approximately $40,000. FinTrust Capital Advisors LLC boosted its stake in shares of Star Bulk Carriers by 100.0% during the first quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Star Bulk Carriers during the second quarter valued at approximately $54,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK opened at $21.59 on Monday. Star Bulk Carriers Corp. has a fifty-two week low of $17.65 and a fifty-two week high of $27.47. The business has a 50-day simple moving average of $21.69 and a two-hundred day simple moving average of $23.63. 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 firm has a market cap of $1.81 billion, a price-to-earnings ratio of 9.73 and a beta of 0.97.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. The business had revenue of $352.88 million for the quarter, compared to analysts’ expectations of $329.38 million. During the same period in the previous year, the company earned $0.47 EPS. On average, analysts expect that Star Bulk Carriers Corp. will post 3.32 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 12.97%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 126.13%.

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft started coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective for the company.

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.