• TORO declared a one-time special dividend of $0.90 per common share.
• The dividend is payable to the company’s shareholders of record at the close of business on May 4, and is expected to be paid on June 5.
• TORO trading volume has risen to nearly 241 times its three-month average in the current session.

Shares of maritime shipping company Toro Corp. (TORO) surged over 90% to $7.50 on Wednesday, hitting its highest level in over three years after the company declared a special dividend to its stockholders.

The company said it will make a one-time payment of $0.90 per common share, payable in either cash or stock. It will be payable to the company’s shareholders of record at the close of business on May 4, and is expected to be paid on June 5.

Toro highlighted that if shareholders specifically opt to receive dividends in stock, the number of common shares issued will be based on the 20-day volume-weighted average price through April 21, 2026, which it has calculated to be $3.8821 per share. The company also notified that the special dividend will be subject to taxation.

How Did Retail Traders React?

On Stocktwits, retail sentiment about the stock turned ‘extremely bullish’ from ‘bullish’, while messaging volumes rose to ‘extremely high’ from ‘low’ over the last 24 hours.

One user on the platform called the news of the special dividend “huge.” 

Another bullish user expects the stock to breach the $10 mark.

TORO has gained more than 20% for far this year, and has more than tripled in value over the last 12 months, outperforming the S&P 500.

Over 13.72 million shares changed hands by 1:30 p.m. ET, nearly 241 times its three-month average trading volume.

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