Genco Shipping & Trading said on May 2, 2023 that its board of directors declared a regular quarterly dividend of $0.15 per share ($0.60 annualized). Previously, the company paid $0.50 per share.
Shares must be purchased before the ex-div date of May 15, 2023 to qualify for the dividend. Shareholders of record as of May 16, 2023 will receive the payment on May 23, 2023.
At the current share price of $13.09 / share, the stock's dividend yield is 4.58%.
Looking back five years and taking a sample every week, the average dividend yield has been 10.63%, the lowest has been 0.42%, and the highest has been 27.43%. The standard deviation of yields is 8.90 (n=236).
The current dividend yield is 0.68 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.91. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 2.67%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 358 funds or institutions reporting positions in Genco Shipping & Trading. This is a decrease of 19 owner(s) or 5.04% in the last quarter. Average portfolio weight of all funds dedicated to GNK is 0.11%, an increase of 25.58%. Total shares owned by institutions decreased in the last three months by 10.59% to 27,437K shares. 
The put/call ratio of GNK is 0.71, indicating a bullish outlook.
Analyst Price Forecast Suggests 84.52% Upside
As of April 24, 2023, the average one-year price target for Genco Shipping & Trading is 24.15. The forecasts range from a low of 17.88 to a high of $29.40. The average price target represents an increase of 84.52% from its latest reported closing price of 13.09.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Genco Shipping & Trading is 336MM, a decrease of 32.20%. The projected annual non-GAAP EPS is 3.06.
What are Other Shareholders Doing?
Mirae Asset Global Investments Co. holds 1,200K shares representing 2.83% ownership of the company. In it's prior filing, the firm reported owning 15K shares, representing an increase of 98.71%. The firm increased its portfolio allocation in GNK by 2,937.42% over the last quarter.
Renaissance Technologies holds 1,196K shares representing 2.82% ownership of the company. In it's prior filing, the firm reported owning 811K shares, representing an increase of 32.20%. The firm increased its portfolio allocation in GNK by 74.87% over the last quarter.
DFSVX - U.s. Small Cap Value Portfolio - Institutional Class holds 1,036K shares representing 2.44% ownership of the company. In it's prior filing, the firm reported owning 767K shares, representing an increase of 25.98%. The firm increased its portfolio allocation in GNK by 77.80% over the last quarter.
IWM - iShares Russell 2000 ETF holds 840K shares representing 1.98% ownership of the company. In it's prior filing, the firm reported owning 797K shares, representing an increase of 5.10%. The firm increased its portfolio allocation in GNK by 16.98% over the last quarter.
Loomis Sayles & Co L P holds 727K shares representing 1.71% ownership of the company. In it's prior filing, the firm reported owning 753K shares, representing a decrease of 3.45%. The firm decreased its portfolio allocation in GNK by 99.88% over the last quarter.
Genco Shipping & Trading Background Information
(This description is provided by the company.)
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of December 21, 2020, Genco Shipping & Trading Limited's fleet consists of 17 Capesize, six Ultramax, 17 Supramax and seven Handysize vessels with an aggregate capacity of approximately 4,573,000 dwt and an average age of 10.4 years.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
