Golden State Wealth Management LLC Makes New $531,000 Investment in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Golden State Wealth Management LLC acquired a new stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) in the 4th quarter, Holdings Channel reports. The fund acquired 35,503 shares of the shipping company’s stock, valued at approximately $531,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in Star Bulk Carriers by 51.3% in the 4th quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company’s stock worth $46,000 after purchasing an additional 1,038 shares in the last quarter. Quarry LP grew its holdings in shares of Star Bulk Carriers by 39.8% during the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after purchasing an additional 673 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter valued at approximately $57,000. AM Squared Ltd purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter valued at $76,000. Finally, Avior Wealth Management LLC increased its stake in Star Bulk Carriers by 26.4% during the 3rd quarter. Avior Wealth Management LLC now owns 6,641 shares of the shipping company’s stock worth $157,000 after buying an additional 1,385 shares during the period. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK opened at $15.38 on Friday. The firm has a market capitalization of $1.29 billion, a PE ratio of 5.20 and a beta of 0.95. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. Star Bulk Carriers Corp. has a 1-year low of $14.30 and a 1-year high of $27.47. The business’s 50 day moving average is $15.30 and its 200-day moving average is $18.97.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 15.60%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 81.08%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SBLK. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and cut their price target for the stock from $30.00 to $21.00 in a research note on Wednesday, October 23rd. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and raised their price objective for the company from $19.30 to $20.20 in a research report on Thursday, November 21st. StockNews.com lowered Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Star Bulk Carriers currently has a consensus rating of “Hold” and a consensus target price of $23.80.

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.