Genco Shipping & Trading Limited (NYSE:GNK) Declares Dividend Increase – $0.40 Per Share

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, November 6th,NASDAQ Dividends reports. Investors of record on Monday, November 18th will be paid a dividend of 0.40 per share by the shipping company on Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 9.06%. The ex-dividend date is Monday, November 18th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34.

Genco Shipping & Trading has increased its dividend payment by an average of 59.3% per year over the last three years. Genco Shipping & Trading has a dividend payout ratio of 94.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Genco Shipping & Trading to earn $1.92 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 83.3%.

Genco Shipping & Trading Stock Down 0.6 %

Shares of NYSE:GNK opened at $17.66 on Friday. The company’s fifty day moving average is $17.39 and its two-hundred day moving average is $19.28. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. Genco Shipping & Trading has a 1-year low of $13.90 and a 1-year high of $23.43. The stock has a market capitalization of $755.14 million, a price-to-earnings ratio of 11.25, a price-to-earnings-growth ratio of 0.28 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. Genco Shipping & Trading’s revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) earnings per share. Equities analysts anticipate that Genco Shipping & Trading will post 1.74 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GNK. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price target for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

About Genco Shipping & Trading

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.