Genco Shipping & Trading Limited (NYSE:GNK) Raises Dividend to $1.05 Per Share

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, November 4th. Stockholders 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 dividend 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 raised 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% 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 $1.19 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 GNK stock opened at $24.72 on Thursday. The company has a market capitalization 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 firm has a fifty day simple moving average of $26.35 and a 200-day simple moving average of $24.38. The company has a current ratio of 2.97, a quick ratio of 2.41 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 results on Wednesday, November 4th. The shipping company reported $0.88 earnings per share 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 firm had revenue of $151.85 million for the quarter, compared to analyst estimates of $105.04 million. During the same period in the previous year, the business posted ($0.01) earnings per share. Genco Shipping & Trading’s revenue for the quarter was up 90.0% on a year-over-year basis. Equities research analysts anticipate that Genco Shipping & Trading will post 2.22 earnings per share for the current fiscal year.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its holdings in Genco Shipping & Trading by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after acquiring an additional 102,868 shares in the last quarter. Empowered Funds LLC boosted its stake in 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 acquiring an additional 25,002 shares during the last quarter. First Trust Advisors LP grew its holdings in Genco Shipping & Trading by 2.1% during the 1st quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock worth $3,048,000 after acquiring an additional 2,820 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Genco Shipping & Trading during the 1st quarter worth $2,552,000. Finally, Raiffeisen Bank International AG grew its holdings in Genco Shipping & Trading by 22.6% during the 2nd quarter. Raiffeisen Bank International AG now owns 65,019 shares of the shipping company’s stock worth $1,611,000 after acquiring an additional 11,984 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

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.