Genco Shipping & Trading Limited (NYSE:GNK) Declares Dividend Increase – $0.79 Per Share

Genco Shipping & Trading Limited (NYSE:GNKGet Rating) announced a quarterly dividend on Wednesday, May 4th, Zacks reports. Shareholders of record on Monday, May 16th will be paid a dividend of 0.79 per share by the shipping company on Tuesday, May 24th. This represents a $3.16 dividend on an annualized basis and a yield of 13.60%. The ex-dividend date is Friday, May 13th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.67.

Genco Shipping & Trading has a payout ratio of 57.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Genco Shipping & Trading to earn $4.36 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 61.5%.

Shares of GNK stock opened at $23.24 on Friday. Genco Shipping & Trading has a 52-week low of $13.21 and a 52-week high of $26.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.59 and a current ratio of 4.17. The firm has a market capitalization of $978.40 million, a PE ratio of 4.48 and a beta of 0.85. The stock has a fifty day simple moving average of $22.13 and a two-hundred day simple moving average of $18.23.

Genco Shipping & Trading (NYSE:GNKGet Rating) last issued its quarterly earnings results on Thursday, February 24th. The shipping company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.10. Genco Shipping & Trading had a return on equity of 22.19% and a net margin of 33.27%. The business had revenue of $146.67 million during the quarter, compared to analyst estimates of $129.28 million. During the same quarter in the prior year, the business posted $0.22 EPS. On average, sell-side analysts forecast that Genco Shipping & Trading will post 4.23 EPS for the current fiscal year.

Several research analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, April 27th. They set a “buy” rating for the company. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Wednesday, February 2nd. Zacks Investment Research downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. B. Riley increased their price objective on shares of Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday. Finally, StockNews.com initiated coverage on shares of Genco Shipping & Trading in a report on Thursday, March 31st. They set a “buy” rating for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $27.00.

In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $21.44, for a total value of $536,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John C. Wobensmith sold 10,090 shares of the firm’s stock in a transaction dated Wednesday, February 23rd. The stock was sold at an average price of $19.73, for a total transaction of $199,075.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,292 shares of company stock valued at $1,696,480. 2.07% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ensign Peak Advisors Inc bought a new stake in Genco Shipping & Trading in the fourth quarter worth about $25,000. BNP Paribas Arbitrage SA lifted its stake in Genco Shipping & Trading by 20.7% in the third quarter. BNP Paribas Arbitrage SA now owns 5,865 shares of the shipping company’s stock worth $118,000 after purchasing an additional 1,007 shares during the last quarter. Royal Bank of Canada lifted its stake in Genco Shipping & Trading by 38.4% in the third quarter. Royal Bank of Canada now owns 12,454 shares of the shipping company’s stock worth $250,000 after purchasing an additional 3,455 shares during the last quarter. Zacks Investment Management bought a new stake in Genco Shipping & Trading in the fourth quarter worth about $267,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Genco Shipping & Trading during the fourth quarter worth approximately $275,000. 75.90% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading (Get Rating)

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

See Also

Dividend History for Genco Shipping & Trading (NYSE:GNK)

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