Star Bulk Carriers Corp. (NASDAQ:SBLK) Raises Dividend to $0.90 Per Share

Star Bulk Carriers Corp. (NASDAQ:SBLK) announced a quarterly dividend on Wednesday, August 5th. Shareholders of record on Friday, August 21st will be paid a dividend of 0.90 per share by the shipping company on Thursday, September 3rd. This represents a c) annualized dividend and a yield of 12.6%. The ex-dividend date of this dividend is Friday, August 21st. This is a 80.0% increase from Star Bulk Carriers’s previous quarterly dividend of $0.50.

Star Bulk Carriers has increased its dividend payment by an average of 0.4%per year over the last three years. Star Bulk Carriers has a payout ratio of 69.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Star Bulk Carriers to earn $3.15 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 63.5%.

Star Bulk Carriers Price Performance

Shares of SBLK stock opened at $28.49 on Thursday. The company has a quick ratio of 1.55, a current ratio of 1.73 and a debt-to-equity ratio of 0.32. Star Bulk Carriers has a 12-month low of $16.72 and a 12-month high of $29.50. The firm has a fifty day moving average of $26.66 and a 200-day moving average of $25.05. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of 22.79 and a beta of 0.72.

Analysts Set New Price Targets

Several brokerages have issued reports on SBLK. Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $32.00 price objective on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Wall Street Zen raised Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 18th. Jefferies Financial Group raised their target price on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Finally, Zacks Research cut shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.50.

About Star Bulk Carriers

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.