Genco Shipping & Trading Limited Declares Quarterly Dividend of $0.34 (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, August 7th, Wall Street Journal reports. Stockholders of record on Monday, August 19th will be paid a dividend of 0.34 per share by the shipping company on Monday, August 26th. This represents a $1.36 annualized dividend and a dividend yield of 7.68%. The ex-dividend date is Monday, August 19th.

Genco Shipping & Trading has raised 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 67.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Genco Shipping & Trading to earn $2.43 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 56.0%.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $17.71 on Friday. The company has a quick ratio of 2.94, a current ratio of 3.72 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $20.06 and a 200 day simple moving average of $20.39. The company has a market cap of $757.24 million, a PE ratio of 295.17 and a beta of 0.96. Genco Shipping & Trading has a fifty-two week low of $12.65 and a fifty-two week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.04. The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $74.86 million. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. Genco Shipping & Trading’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the firm posted $0.27 EPS. On average, sell-side analysts anticipate that Genco Shipping & Trading will post 2.27 EPS for the current year.

Analysts Set New Price Targets

GNK has been the subject of several research analyst reports. Jefferies Financial Group upped their price objective on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. StockNews.com upgraded Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Alliance Global Partners increased their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, B. Riley boosted their price target on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and an average target price of $26.75.

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.