5 Best Stocks to Increase Your Dividend Income

4. Genco Shipping & Trading Limited (NYSE:GNK)

Number of Hedge Fund Holders: 16     

Dividend Yield: 21%

Genco Shipping & Trading Limited (NYSE:GNK) engages in the ocean transportation of dry bulk cargoes. On March 8, the company declared a quarterly dividend of $0.67 per share, an increase of close to 350% from the previous dividend of $0.15 per share. The board of directors of the firm have also approved a new dividend policy heading into 2022. Under the policy, the quarterly payouts will be calculated using a new formula that includes dividends from 2021 and estimates for earnings in 2022. 

On February 24, Genco Shipping & Trading Limited (NYSE:GNK) posted earnings for the fourth quarter of 2021, reporting earnings per share of $1.99, beating estimates by $0.05. The revenue over the period was $183 million, up 91% year-on-year.