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

Genco Shipping & Trading Limited (NYSE:GNK) announced 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 7.41%. The ex-dividend date of this dividend is Tuesday, May 21st. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.41.

Genco Shipping & Trading has increased its dividend payment by an average of 59.3% per year over the last three years and has raised its dividend every year for the last 1 years. Genco Shipping & Trading has a payout ratio of 72.2% indicating that its dividend is sufficiently covered by earnings. Research 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

GNK traded up $0.03 during trading on Thursday, hitting $22.68. The stock had a trading volume of 643,302 shares, compared to its average volume of 712,148. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The company has a 50 day moving average price of $20.74 and a 200-day moving average price of $17.62. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $23.43. The firm has a market cap of $969.62 million, a price-to-earnings ratio of -73.06 and a beta of 1.11.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The business 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%. Genco Shipping & Trading’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. As a group, research analysts predict that Genco Shipping & Trading will post 1.93 EPS for the current year.

Analyst Ratings Changes

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

Insider Activity at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the transaction, the chief financial officer now owns 35,518 shares in the company, valued at approximately $703,256.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Peter George Allen sold 7,036 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the transaction, the chief financial officer now owns 35,518 shares in the company, valued at $703,256.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares in the company, valued at $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 90 days. 2.08% of the stock is owned by corporate insiders.

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.