Jan. 7 at 3:20 AM
$SBLK The purpose of my SBLK investment over the past four plus years was to receive quarterly income at an annualized yield of 15-20% -- worst case, 10%. I gave the company nearly two years to demonstrate that the acquisition of Eagle Bulk would be beneficial to shareholders, and I gave this stock one year to recover back to the mid 20's and resume paying a
$2.50+ per year dividend again. Since neither happened, I sold out my 6,700 shares today at
$20.50 for a
$1,000 profit. This company is no longer shareholder friendly to income investors, and the result of the Eagle Bulk acquisition has been a failure in terms of producing higher EPS and dividends for shareholders at the same level of shipping rates pre February 2024. For anyone who continues holding, I wish you well. For my investment goals, there are far better places to allocate capital than with this company with a flat trailing 12-month return and < 5% annualized dividend yield.
