Genco Shipping & Trading Limited (NYSE:GNK) to Issue Quarterly Dividend of $0.80

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Wednesday, August 5th. Investors of record on Monday, August 17th will be given a dividend of 0.80 per share by the shipping company on Monday, August 24th. This represents a c) dividend on an annualized basis 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 raised its dividend by an average of 0.3%annually over the last three years. Genco Shipping & Trading has a 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. Research 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 NYSE:GNK opened at $25.61 on Thursday. The business’s 50-day simple moving average is $24.65 and its 200 day simple moving average is $23.47. The company has a market cap of $1.12 billion, a P/E ratio of 67.39, a PEG ratio of 3.18 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. Genco Shipping & Trading has a one year low of $15.55 and a one year high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.05. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The company had revenue of $136.41 million during the quarter, compared to the consensus estimate of $90.59 million. During the same quarter last year, the company earned ($0.16) earnings per share. Genco Shipping & Trading’s revenue for the quarter was up 68.5% on a year-over-year basis. On average, sell-side analysts forecast that Genco Shipping & Trading will post 2.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently made changes to their positions in the company. Bank of America Corp DE grew its stake in shares of Genco Shipping & Trading by 33.2% in the first quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock worth $1,115,000 after purchasing an additional 12,319 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Genco Shipping & Trading by 12.4% during the 1st quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock valued at $5,113,000 after purchasing an additional 25,002 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Genco Shipping & Trading by 104.8% in the 1st quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock worth $1,282,000 after purchasing an additional 29,098 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Genco Shipping & Trading by 56.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in Genco Shipping & Trading by 2.1% during the first quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock worth $3,048,000 after buying an additional 2,820 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.