Genco Shipping & Trading Limited (GNK) to Issue Quarterly Dividend of $0.80 on August 24th

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Tuesday, August 4th. Investors of record on Monday, August 17th will be paid a dividend of 0.80 per share by the shipping company on Monday, August 24th. This represents a c) annualized dividend and a yield of 12.2%. 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 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. Research analysts expect Genco Shipping & Trading to earn $1.23 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 260.2%.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $26.32 on Friday. Genco Shipping & Trading has a one year low of $15.55 and a one year high of $27.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 3.00 and a beta of 0.94. The firm has a 50 day simple moving average of $24.81 and a 200 day simple moving average of $23.72.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The company had revenue of $136.41 million for the quarter, compared to the consensus estimate of $90.59 million. During the same quarter last year, the business posted ($0.16) EPS. Genco Shipping & Trading’s revenue for the quarter was up 68.5% on a year-over-year basis. Research analysts predict that Genco Shipping & Trading will post 2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently modified their holdings of the company. Focus Partners Wealth raised its stake in Genco Shipping & Trading by 3.1% during the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock worth $15,385,000 after buying an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Genco Shipping & Trading by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock worth $13,799,000 after acquiring an additional 96,703 shares during the period. Millennium Management LLC raised its position in shares of Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after acquiring an additional 272,094 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of Genco Shipping & Trading by 0.9% in the 3rd quarter. Bridgeway Capital Management LLC now owns 456,157 shares of the shipping company’s stock worth $8,120,000 after acquiring an additional 4,288 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Genco Shipping & Trading by 364.8% in the 1st quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock valued at $6,938,000 after purchasing an additional 241,471 shares during the period. 58.62% of the stock is owned by institutional investors.

About Genco Shipping & Trading

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.