Global Ship Lease (NYSE:GSL) Hits New 1-Year High After Dividend Announcement

Global Ship Lease, Inc. (NYSE:GSL)’s share price hit a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as $31.97 and last traded at $31.95, with a volume of 291152 shares. The stock had previously closed at $31.29.

The newly announced dividend which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 24th will be issued a $0.5469 dividend. This represents a $2.19 annualized dividend and a dividend yield of 6.8%. This is a boost from Global Ship Lease’s previous quarterly dividend of $0.53. Global Ship Lease’s dividend payout ratio is currently 19.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GSL. Jefferies Financial Group reaffirmed a “buy” rating and set a $33.00 target price on shares of Global Ship Lease in a research report on Tuesday, August 5th. Wall Street Zen raised Global Ship Lease from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Finally, Clarkson Capital downgraded Global Ship Lease from a “strong-buy” rating to a “hold” rating and set a $28.00 target price for the company. in a report on Thursday, May 22nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

Global Ship Lease Stock Up 2.1%

The business has a 50 day simple moving average of $29.37 and a 200 day simple moving average of $25.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.01 and a quick ratio of 1.94. The stock has a market cap of $1.13 billion, a PE ratio of 2.97 and a beta of 1.12.

Global Ship Lease (NYSE:GSL) last issued its earnings results on Tuesday, August 5th. The shipping company reported $2.67 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.52. Global Ship Lease had a return on equity of 24.81% and a net margin of 53.09%.The firm had revenue of $191.86 million for the quarter, compared to the consensus estimate of $177.98 million. On average, equities research analysts forecast that Global Ship Lease, Inc. will post 9.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC purchased a new position in Global Ship Lease in the second quarter valued at about $26,000. SVB Wealth LLC purchased a new position in Global Ship Lease in the first quarter valued at about $33,000. SBI Securities Co. Ltd. grew its stake in Global Ship Lease by 41.9% in the first quarter. SBI Securities Co. Ltd. now owns 2,430 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 717 shares in the last quarter. Allworth Financial LP grew its stake in Global Ship Lease by 6,605.4% in the second quarter. Allworth Financial LP now owns 2,481 shares of the shipping company’s stock valued at $65,000 after purchasing an additional 2,444 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in Global Ship Lease in the second quarter valued at about $72,000. Hedge funds and other institutional investors own 50.08% of the company’s stock.

About Global Ship Lease

Global Ship Lease, Inc, together with its subsidiaries, engages in owning and chartering of containerships under fixed-rate charters to container shipping companies worldwide. As of March 11, 2024, it owned 68 mid-sized and smaller containerships, ranging from 2,207 to 11,040 twenty-foot equivalent unit (TEU), with an aggregate capacity of 375,406 TEU.