Genco Shipping & Trading Limited (GNK) to Issue Quarterly Dividend of $1.05 on November 23rd

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, November 4th. Stockholders of record on Monday, November 16th will be given a dividend of $1.05 per share by the shipping company on Monday, November 23rd. This represents a $4.20 annualized dividend and a dividend yield of 16.6%. The ex-dividend date is Monday, November 16th. This is a 31.2% increase from Genco Shipping & Trading’s previous quarterly dividend of $0.80.

Genco Shipping & Trading has raised its dividend payment by an average of 0.3% annually over the last three years. Genco Shipping & Trading has a dividend payout ratio of 264.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Genco Shipping & Trading to earn $1.19 per share next year, which means the company may not be able to cover its $3.20 annual dividend with an expected future payout ratio of 268.9%.

Genco Shipping & Trading Trading Up 2.2%

NYSE GNK opened at $25.25 on Friday. Genco Shipping & Trading has a 1-year low of $15.58 and a 1-year high of $28.42. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.10 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The firm’s fifty day simple moving average is $26.34 and its 200-day simple moving average is $24.41.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, November 4th. The shipping company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $151.85 million for the quarter, compared to analysts’ expectations of $105.04 million. Genco Shipping & Trading had a return on equity of 10.89% and a net margin of 15.48%. Genco Shipping & Trading’s revenue was up 90.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.01) earnings per share. As a group, sell-side analysts anticipate that Genco Shipping & Trading will post 2.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GNK. Zacks Research downgraded Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. BTIG Research dropped coverage on Genco Shipping & Trading in a research note on Friday, September 18th. They issued a “neutral” rating for the company. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Finally, Weiss Ratings lowered shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, October 26th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $29.00.

About Genco Shipping & Trading

Genco Shipping & Trading Limited (NYSE:GNK) is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.