5 Very High-Yield Dividend Stocks To Buy Now

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

Dividend Yield as of December 5: 21.15%

Genco Shipping & Trading Limited (NYSE:GNK) is one of the world’s largest dry bulk shipping companies. The company provides full-service logistics solutions for the transportation of commodities around the world. In October, B. Riley maintained a Buy rating on the stock with a $27 price target, appreciating the company’s strengthening fundamentals and overall balance sheet.

Genco Shipping & Trading Limited (NYSE:GNK) started paying dividends in 2019 and has paid regular dividends to shareholders since then. It currently offers a quarterly dividend of $0.78 per share for a yield of 21.15%, as recorded on December 5. The company has raised its dividends twice this year, which qualifies it as one of the best dividend stocks on our list.

In the third quarter of 2022, Genco Shipping & Trading Limited (NYSE:GNK) paid $82.7 million in dividends to shareholders. The company had $71.5 million of cash available as of September 30.

As per Insider Monkey’s Q3 2022 database, 16 hedge funds owned stakes in Genco Shipping & Trading Limited (NYSE:GNK), the same as in the previous quarter. The collective value of these stakes is over $72.3 million. With over 2.6 million shares, Centerbridge Partners was the company’s leading stakeholder.

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