Genco Shipping & Trading Limited (GNK) to Issue Quarterly Dividend of $0.42 on May 30th

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Investors of record on Wednesday, May 22nd will be given 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 7.38%. The ex-dividend date of this dividend is Tuesday, May 21st. This is an increase 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% annually 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% meaning 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 Up 0.2 %

Shares of GNK stock opened at $22.75 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $23.43. The company’s fifty day moving average price is $20.78 and its 200-day moving average price is $17.66. The company has a market capitalization of $972.61 million, a price-to-earnings ratio of -73.21 and a beta of 1.11.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $117.44 million during the quarter, compared to analysts’ expectations of $77.31 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. Genco Shipping & Trading’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share. Sell-side analysts expect that Genco Shipping & Trading will post 1.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Jefferies Financial Group lifted their price objective on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday. Stifel Nicolaus boosted their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 19th. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.33.

Insider Buying and Selling at Genco Shipping & Trading

In other news, CEO John C. Wobensmith sold 35,660 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $706,068.00. Following the completion of the sale, the chief executive officer now owns 466,684 shares of the company’s stock, valued at $9,240,343.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO John C. Wobensmith sold 35,660 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $706,068.00. Following the completion of the sale, the chief executive officer now owns 466,684 shares of the company’s stock, valued at approximately $9,240,343.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Peter George Allen sold 7,036 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the sale, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The disclosure for this sale can be found here. Insiders sold a total of 62,496 shares of company stock valued at $1,238,678 in the last three months. Company insiders own 2.08% of the company’s stock.

Genco Shipping & Trading Company Profile

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.