Genco Shipping & Trading Limited (GNK) To Go Ex-Dividend on March 11th

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Tuesday, February 17th. Stockholders of record on Wednesday, March 11th will be given a dividend of 0.50 per share by the shipping company on Wednesday, March 18th. This represents a c) dividend on an annualized basis and a dividend yield of 9.0%. The ex-dividend date of this dividend is Wednesday, March 11th. This is a 233.3% increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15.

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 165.3% 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 $1.13 per share next year, which means the company may not be able to cover its $2.00 annual dividend with an expected future payout ratio of 177.0%.

Genco Shipping & Trading Trading Down 4.2%

NYSE GNK opened at $22.19 on Monday. The company has a market capitalization of $961.18 million, a PE ratio of -201.69, a P/E/G ratio of 5.08 and a beta of 1.14. The company has a fifty day moving average of $20.98 and a 200 day moving average of $18.81. Genco Shipping & Trading has a 1 year low of $11.20 and a 1 year high of $24.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.39 and a quick ratio of 1.84.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. The company had revenue of $109.92 million for the quarter, compared to analyst estimates of $78.52 million. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 earnings per share. Research analysts forecast that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Insider Buying and Selling at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jesper Christensen sold 18,450 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total value of $436,527.00. Following the completion of the transaction, the insider owned 98,299 shares of the company’s stock, valued at approximately $2,325,754.34. This represents a 15.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 55,824 shares of company stock valued at $1,313,949. Corporate insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently bought and sold shares of the business. Strengthening Families & Communities LLC purchased a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $31,000. Atlantic Union Bankshares Corp purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $30,000. Kemnay Advisory Services Inc. acquired a new stake in Genco Shipping & Trading in the 4th quarter valued at $32,000. Finally, PNC Financial Services Group Inc. increased its holdings in Genco Shipping & Trading by 82.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after acquiring an additional 876 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.