Genco Shipping & Trading Limited (GNK) To Go Ex-Dividend on May 21st

Genco Shipping & Trading Limited (NYSE:GNKGet Free Report) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Stockholders of record on Wednesday, May 22nd will be paid a dividend of 0.42 per share by the shipping company on Thursday, May 30th. This represents a $1.68 annualized dividend and a dividend yield of 7.25%. The ex-dividend date of this dividend is Tuesday, May 21st. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.41.

Genco Shipping & Trading has increased its dividend by an average of 59.3% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Genco Shipping & Trading has a payout ratio of 75.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Genco Shipping & Trading to earn $2.44 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 68.9%.

Genco Shipping & Trading Price Performance

Shares of Genco Shipping & Trading stock opened at $23.18 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.72 and a quick ratio of 2.94. The company has a market cap of $991.18 million, a PE ratio of 386.33 and a beta of 1.11. The firm has a fifty day moving average price of $21.09 and a two-hundred day moving average price of $18.05. Genco Shipping & Trading has a fifty-two week low of $12.39 and a fifty-two week high of $23.43.

Genco Shipping & Trading (NYSE:GNKGet Free Report) last released its earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. The business had revenue of $117.44 million during the quarter, compared to analysts’ expectations of $77.31 million. During the same quarter last year, the company earned $0.06 earnings per share. The firm’s revenue was up 24.4% on a year-over-year basis. Analysts expect that Genco Shipping & Trading will post 2.34 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on GNK shares. StockNews.com upgraded Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Stifel Nicolaus increased their price objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 19th. B. Riley raised their price objective on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Jefferies Financial Group upped their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Finally, TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

View Our Latest Report on GNK

Insider Activity

In related news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the sale, the insider now owns 42,587 shares in the company, valued at approximately $843,222.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the sale, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the transaction, the chief financial officer now owns 35,518 shares of the company’s stock, valued at approximately $703,256.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,896 shares of company stock worth $1,270,682. Corporate insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Company Profile

(Get Free Report)

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.

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Dividend History for Genco Shipping & Trading (NYSE:GNK)

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