Genco Shipping & Trading Limited (NYSE:GNK) to Issue Dividend Increase – $0.80 Per Share

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, August 5th. Investors of record on Monday, August 17th will be paid a dividend of 0.80 per share by the shipping company on Monday, August 24th. This represents a c) annualized dividend and a yield of 12.5%. The ex-dividend date is Monday, August 17th. This is a 128.6% increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35.

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 dividend payout ratio of 115.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Genco Shipping & Trading to earn $1.46 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 95.9%.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $25.61 on Thursday. The company has a market capitalization of $1.12 billion, a PE ratio of 67.39, a price-to-earnings-growth ratio of 3.18 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41. Genco Shipping & Trading has a one year low of $15.55 and a one year high of $27.25. The company’s fifty day moving average price is $24.65 and its 200 day moving average price is $23.47.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The company had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The business’s quarterly revenue was up 68.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.16) earnings per share. As a group, analysts expect that Genco Shipping & Trading will post 2.12 earnings per share for the current year.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Townsend & Associates Inc increased its holdings in shares of Genco Shipping & Trading by 0.7% during the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock worth $25,373,000 after purchasing an additional 8,488 shares during the period. Focus Partners Wealth lifted its stake in shares of Genco Shipping & Trading by 3.1% in the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after buying an additional 26,326 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Genco Shipping & Trading by 14.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after buying an additional 96,703 shares during the period. Millennium Management LLC grew its position in Genco Shipping & Trading by 100.3% during the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after buying an additional 272,094 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in Genco Shipping & Trading by 0.9% during the third quarter. Bridgeway Capital Management LLC now owns 456,157 shares of the shipping company’s stock worth $8,120,000 after buying an additional 4,288 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.