Star Bulk Carriers Corp. (NASDAQ:SBLK) Announces $0.60 Quarterly Dividend

Star Bulk Carriers Corp. (NASDAQ:SBLKGet Free Report) declared a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Stockholders of record on Thursday, December 5th will be paid a dividend of 0.60 per share by the shipping company on Wednesday, December 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.65%. The ex-dividend date of this dividend is Thursday, December 5th.

Star Bulk Carriers has raised its dividend by an average of 215.5% per year over the last three years. Star Bulk Carriers has a dividend payout ratio of 73.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Star Bulk Carriers to earn $3.20 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 87.5%.

Star Bulk Carriers Stock Performance

SBLK stock traded down $1.06 on Wednesday, reaching $18.97. 3,665,351 shares of the company were exchanged, compared to its average volume of 1,593,766. The firm has a market capitalization of $1.59 billion, a PE ratio of 7.36 and a beta of 1.00. Star Bulk Carriers has a 12 month low of $18.92 and a 12 month high of $27.47. The stock’s fifty day moving average price is $20.83 and its 200 day moving average price is $22.69. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34.

Analyst Ratings Changes

A number of research analysts have recently commented on SBLK shares. Deutsche Bank Aktiengesellschaft started coverage on shares of 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. DNB Markets lowered Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Jefferies Financial Group restated a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a research note on Wednesday. StockNews.com downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their price objective for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Star Bulk Carriers currently has a consensus rating of “Hold” and a consensus target price of $25.00.

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About Star Bulk Carriers

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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.

See Also

Dividend History for Star Bulk Carriers (NASDAQ:SBLK)

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