Genco Shipping & Trading Limited (NYSE:GNK) Announces $0.15 Quarterly Dividend

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Wednesday, November 5th. Shareholders of record on Monday, November 17th will be paid a dividend of 0.15 per share by the shipping company on Monday, November 24th. This represents a c) annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, November 17th.

Genco Shipping & Trading has increased its dividend payment by an average of 0.3%annually over the last three years. Genco Shipping & Trading has a payout ratio of 49.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Genco Shipping & Trading to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 53.1%.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $16.77 on Thursday. Genco Shipping & Trading has a one year low of $11.20 and a one year high of $19.60. The company has a 50-day simple moving average of $17.22 and a two-hundred day simple moving average of $15.41. The firm has a market capitalization of $720.47 million, a PE ratio of 49.33 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The business had revenue of $55.00 million during the quarter, compared to the consensus estimate of $65.06 million. On average, analysts anticipate that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Analyst Ratings Changes

GNK has been the topic of several research analyst reports. SEB Equity Research set a $23.00 price target on shares of Genco Shipping & Trading in a research note on Friday, September 26th. Jefferies Financial Group restated a “buy” rating and set a $19.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Genco Shipping & Trading in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.