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

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Stockholders of record on Tuesday, March 11th will be given 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 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 Stock Performance

Shares of NYSE GNK traded up $0.07 during midday trading on Thursday, hitting $14.69. 1,252,515 shares of the company’s stock traded hands, compared to its average volume of 454,958. The firm has a fifty day moving average of $14.32 and a 200 day moving average of $16.16. Genco Shipping & Trading has a 1 year low of $13.51 and a 1 year high of $23.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. 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.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). The business had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. On average, analysts forecast that Genco Shipping & Trading will post 1.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the company. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group reduced their target price 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. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price target for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.