it should be a LOT more than that. My boat which is about the same size has 420 lbs of tongue weight. Trailer companies recommendations vary from 5-10% of total weight, mine's at about 8.8% or so, total weight is 5050 lbs, 4650 lbs on the axle.
To increase tongue weight the boat has to come forward, or you can move the axle backward, or a bit of both depending on how the trailer is designed.
If you can you should get it weighed, you have a 5 lug axle there, they only go up to 3500 lbs, for a 21' boat, you may be overloaded. Might need to upgrade to a 5200 or 6000 6 lug axle. That's what I did with mine. With a 3500 lb axle, if you can get 400 on the tongue, then the boat & trailer weight on the rear axle shouldn't exceed 3500 lbs, this would allow an total weight of 3900 lbs if you have 400 on the tongue. I'm kinda thinking it will exceed that though. Not too many boats that are 21' with a 5.7 I/O (heavy) are less than 3500 lbs then there's the weight of the trailer too (700-850 or so?)....your true weight may be closer to 4200-4400 or so.
Towing that much on a single axle is possible, but you really want a 5200 lb capacity axle & springs to match, 12" brakes, 15" rims and 225/75-15 load range D tires at a minimum, load range E would be best. That is how companies like Load Rite and Venture set up their HD single axle trailers.
As it is now I would not tow that at highway speeds, with only 172 lbs of tongue weight it is at risk of fish tailing which is very dangerous.