Genco Shipping & Trading Limited (NYSE:GNK) to Issue Quarterly Dividend of $0.42

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Thursday, May 9th, Wall Street Journal reports. Shareholders of record on Wednesday, May 22nd will be paid a dividend of 0.42 per share by the shipping company on Thursday, May 30th. This represents a $1.68 annualized dividend and a yield of 7.40%. The ex-dividend date of this dividend is Tuesday, May 21st. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.41.

Genco Shipping & Trading has increased its dividend by an average of 59.3% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Genco Shipping & Trading has a dividend payout ratio of 72.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Genco Shipping & Trading to earn $2.43 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 67.5%.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $22.70 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. Genco Shipping & Trading has a fifty-two week low of $12.39 and a fifty-two week high of $23.43. The stock’s 50-day moving average is $20.78 and its two-hundred day moving average is $17.66. The firm has a market cap of $970.26 million, a P/E ratio of -73.21 and a beta of 1.11.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. The company had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The firm’s revenue was up 24.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.06 EPS. Analysts predict that Genco Shipping & Trading will post 1.93 earnings per share for the current fiscal year.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the sale, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at $367,077.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the transaction, the insider now directly owns 42,587 shares in the company, valued at $843,222.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the sale, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock valued at $1,238,678 over the last quarter. 2.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GNK has been the subject of several recent analyst reports. Stifel Nicolaus increased their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 19th. StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. Finally, Jefferies Financial Group boosted their price objective on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Hold” and an average target price of $23.33.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.