Genco Shipping & Trading Limited (NYSE:GNK) Announces $0.30 Quarterly Dividend

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, February 19th, 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 raised its dividend by an average of 69.9% per year over the last three years. Genco Shipping & Trading has a payout ratio of 97.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Genco Shipping & Trading to earn $1.15 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 139.1%.

Genco Shipping & Trading Stock Up 0.4 %

GNK opened at $14.69 on Friday. Genco Shipping & Trading has a fifty-two week low of $13.51 and a fifty-two week high of $23.43. The company has a market capitalization of $627.93 million, a P/E ratio of 8.39, a P/E/G ratio of 5.61 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. The firm’s fifty day moving average price is $14.32 and its two-hundred day moving average price is $16.15.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The business had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. On average, analysts anticipate that Genco Shipping & Trading will post 0.48 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group dropped their price objective on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

About Genco Shipping & Trading

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.