Prevail Innovative Wealth Advisors LLC Takes Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 183,460 shares of the shipping company’s stock, valued at approximately $2,743,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Star Bulk Carriers in the fourth quarter valued at approximately $3,530,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Star Bulk Carriers during the fourth quarter valued at approximately $45,000. Oppenheimer & Close LLC purchased a new position in Star Bulk Carriers during the fourth quarter valued at $505,000. Fox Run Management L.L.C. grew its position in shares of Star Bulk Carriers by 35.1% in the 4th quarter. Fox Run Management L.L.C. now owns 44,803 shares of the shipping company’s stock worth $670,000 after buying an additional 11,652 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Star Bulk Carriers in the 4th quarter worth about $1,271,000. 33.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Jefferies Financial Group lowered their price objective on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.05.

Star Bulk Carriers Stock Performance

Shares of NASDAQ SBLK opened at $15.98 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.65 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average price is $15.71 and its 200-day moving average price is $17.55. Star Bulk Carriers Corp. has a 52-week low of $14.30 and a 52-week high of $27.47. The company has a market cap of $1.34 billion, a PE ratio of 5.57 and a beta of 1.03.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.08). Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. The firm had revenue of $308.92 million for the quarter, compared to the consensus estimate of $230.91 million. As a group, analysts anticipate that Star Bulk Carriers Corp. will post 1.74 EPS for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers’s payout ratio is 12.54%.

About Star Bulk Carriers

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.