Global Ship Lease (NYSE:GSL) Shares Gap Up on Better-Than-Expected Earnings

Global Ship Lease, Inc. (NYSE:GSL) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $21.32, but opened at $22.78. Global Ship Lease shares last traded at $22.59, with a volume of 148,093 shares trading hands.

The shipping company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.25. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%.

Global Ship Lease Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Monday, February 24th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 7.69%. The ex-dividend date of this dividend is Monday, February 24th. Global Ship Lease’s dividend payout ratio is currently 19.93%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GSL. Clarkson Capital lowered shares of Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 price objective for the company. in a report on Thursday, November 14th. StockNews.com raised shares of Global Ship Lease from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $29.00 target price on shares of Global Ship Lease in a research note on Monday, November 11th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Moors & Cabot Inc. increased its position in shares of Global Ship Lease by 2.2% during the third quarter. Moors & Cabot Inc. now owns 33,150 shares of the shipping company’s stock worth $883,000 after acquiring an additional 700 shares during the period. WealthCollab LLC grew its stake in Global Ship Lease by 64.1% in the fourth quarter. WealthCollab LLC now owns 2,615 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,021 shares in the last quarter. Isthmus Partners LLC increased its holdings in Global Ship Lease by 1.3% during the 4th quarter. Isthmus Partners LLC now owns 112,832 shares of the shipping company’s stock worth $2,463,000 after purchasing an additional 1,460 shares during the period. Quarry LP increased its holdings in Global Ship Lease by 75.0% during the 3rd quarter. Quarry LP now owns 3,495 shares of the shipping company’s stock worth $93,000 after purchasing an additional 1,498 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in Global Ship Lease by 6,856.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 1,577 shares in the last quarter. Hedge funds and other institutional investors own 50.08% of the company’s stock.

Global Ship Lease Stock Up 9.8 %

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.58 and a current ratio of 1.64. The company has a fifty day simple moving average of $21.95 and a two-hundred day simple moving average of $23.21. The firm has a market capitalization of $862.79 million, a PE ratio of 2.59 and a beta of 1.53.

Global Ship Lease Company Profile

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.