Genco Shipping & Trading Limited (NYSE:GNK) Declares Dividend Increase – $1.05 Per Share

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, November 4th. Investors 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 dividend on an annualized basis and a yield of 17.0%. The ex-dividend date of this dividend 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 increased its dividend 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. Equities 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 Price Performance

Shares of NYSE GNK opened at $24.72 on Thursday. The business’s 50 day moving average price is $26.35 and its two-hundred day moving average price is $24.38. The company has a market cap of $1.08 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 2.90 and a beta of 1.08. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading has a twelve month low of $15.58 and a twelve month high of $28.42.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 4th. The shipping company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business had revenue of $151.85 million during the quarter, compared to analyst estimates of $105.04 million. During the same period in the previous year, the business earned ($0.01) earnings per share. The business’s quarterly revenue was up 90.0% on a year-over-year basis. On average, analysts predict that Genco Shipping & Trading will post 2.22 EPS for the current year.

Genco Shipping & Trading Company Profile

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.