Genco Shipping & Trading Limited (NYSE:GNK) Plans $0.15 Quarterly Dividend

Key Points

• Genco Shipping & Trading Limited announced a quarterly dividend of $0.15 per share with the ex-dividend date set for August 18th, providing a 3.7% dividend yield to shareholders.
• The company reported a loss of ($0.14) earnings per share for the last quarter, exceeding analysts' expectations, but revenue fell 24.4% year-over-year to $46.90 million.
• Institutional investors have increased their holdings in Genco Shipping, with ownership now at 58.62% of the company's stock, indicating growing confidence among large investors.

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) announced a quarterly dividend on Thursday, August 7th, Wall Street Journal reports. Shareholders of record on Monday, August 18th will be given a dividend of 0.15 per share by the shipping company on Monday, August 25th. This represents a c) dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, August 18th.

Genco Shipping & Trading has a dividend payout ratio of 49.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Genco Shipping & Trading to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 53.1%.

Genco Shipping & Trading Price Performance

Shares of GNK stock traded down $0.10 during trading hours on Monday, hitting $16.16. The company had a trading volume of 526,394 shares, compared to its average volume of 761,014. Genco Shipping & Trading has a 12 month low of $11.20 and a 12 month high of $19.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63. The firm's fifty day moving average is $14.57 and its 200 day moving average is $13.94. The firm has a market capitalization of $694.02 million, a price-to-earnings ratio of 47.51 and a beta of 1.19.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The company had revenue of $46.90 million for the quarter, compared to the consensus estimate of $50.19 million. During the same period last year, the company earned $0.46 earnings per share. The firm's revenue was down 24.4% compared to the same quarter last year. On average, sell-side analysts predict that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. raised its stake in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company's stock valued at $25,000 after buying an additional 876 shares during the last quarter. Banque Transatlantique SA purchased a new position in shares of Genco Shipping & Trading in the fourth quarter valued at $28,000. Signaturefd LLC increased its stake in Genco Shipping & Trading by 239.0% during the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company's stock worth $33,000 after acquiring an additional 1,797 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Genco Shipping & Trading in the first quarter valued at $39,000. Finally, Farther Finance Advisors LLC boosted its holdings in Genco Shipping & Trading by 303.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company's stock valued at $43,000 after acquiring an additional 2,463 shares during the period. 58.62% of the stock is currently owned by institutional investors.

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, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.