Star Bulk Carriers Corp. (SBLK) to Issue Quarterly Dividend of $0.70 on September 6th

Star Bulk Carriers Corp. (NASDAQ:SBLK) announced a quarterly dividend on Wednesday, August 7th, Zacks reports. Stockholders of record on Tuesday, August 27th will be paid a dividend of 0.70 per share by the shipping company on Friday, September 6th. This represents a $2.80 annualized dividend and a dividend yield of 13.28%. The ex-dividend date is Tuesday, August 27th.

Star Bulk Carriers has raised its dividend payment by an average of 215.5% per year over the last three years. Star Bulk Carriers has a dividend payout ratio of 66.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Star Bulk Carriers to earn $4.47 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 67.1%.

Star Bulk Carriers Stock Performance

NASDAQ SBLK traded up $0.10 on Friday, hitting $21.09. 370,558 shares of the stock traded hands, compared to its average volume of 1,526,171. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.25 and a current ratio of 1.43. The business’s fifty day moving average is $23.99 and its two-hundred day moving average is $23.94. Star Bulk Carriers has a 12 month low of $16.86 and a 12 month high of $27.47. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 9.43 and a beta of 0.96.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Star Bulk Carriers had a return on equity of 12.19% and a net margin of 20.57%. The firm had revenue of $352.88 million for the quarter, compared to the consensus estimate of $329.38 million. During the same quarter in the previous year, the company posted $0.47 EPS. As a group, equities analysts anticipate that Star Bulk Carriers will post 3.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SBLK has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Star Bulk Carriers in a research note on Thursday, May 23rd. Stifel Nicolaus raised their target price on Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, May 24th. Finally, StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday, May 24th.

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.