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

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Wednesday, November 6th,NASDAQ Dividends reports. Shareholders of record on Monday, November 18th will be given a dividend of 0.40 per share by the shipping company on Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 9.06%. The ex-dividend date is Monday, November 18th. This is a positive change 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 payout ratio of 94.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. 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 Performance

GNK opened at $17.66 on Friday. The company has a 50 day simple moving average of $17.39 and a two-hundred day simple moving average of $19.30. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The firm has a market cap of $755.14 million, a P/E ratio of 11.25, a PEG ratio of 0.28 and a beta of 0.98. Genco Shipping & Trading has a 1-year low of $13.90 and a 1-year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $99.33 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Equities analysts forecast that Genco Shipping & Trading will post 1.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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