Genco Shipping & Trading Limited (NYSE:GNK) to Issue Quarterly Dividend of $0.30

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Tuesday, March 11th will be paid a dividend of 0.30 per share by the shipping company on Tuesday, March 18th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend is Tuesday, March 11th.

Genco Shipping & Trading has increased its dividend by an average of 69.9% annually over the last three years. Genco Shipping & Trading has a payout ratio of 97.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Genco Shipping & Trading to earn $0.48 per share next year, which means the company may not be able to cover its $1.60 annual dividend with an expected future payout ratio of 333.3%.

Genco Shipping & Trading Trading Up 0.4 %

Shares of NYSE:GNK traded up $0.07 on Thursday, hitting $14.69. 1,252,515 shares of the company’s stock were exchanged, compared to its average volume of 454,958. Genco Shipping & Trading has a 12 month low of $13.51 and a 12 month high of $23.43. The business’s 50 day simple moving average is $14.32 and its two-hundred day simple moving average is $16.16. The stock has a market capitalization of $627.93 million, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 5.69 and a beta of 0.97. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. Analysts anticipate that Genco Shipping & Trading will post 1.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Jefferies Financial Group reduced their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.