Global Ship Lease, Inc. (GSL) to Issue Quarterly Dividend of $0.53 on June 3rd

Global Ship Lease, Inc. (NYSE:GSL) declared a quarterly dividend on Monday, May 12th, RTT News reports. Shareholders of record on Friday, May 23rd will be paid a dividend of 0.525 per share by the shipping company on Tuesday, June 3rd. This represents a $2.10 dividend on an annualized basis and a yield of 8.20%. The ex-dividend date of this dividend is Friday, May 23rd. This is a 16.7% increase from Global Ship Lease’s previous quarterly dividend of $0.45.

Global Ship Lease has increased its dividend payment by an average of 28.1% per year over the last three years and has increased its dividend every year for the last 1 years. Global Ship Lease has a payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Global Ship Lease to earn $9.40 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 19.1%.

Global Ship Lease Price Performance

Global Ship Lease stock opened at $25.62 on Wednesday. The company has a fifty day simple moving average of $21.90 and a 200-day simple moving average of $22.15. The firm has a market capitalization of $908.15 million, a price-to-earnings ratio of 2.84 and a beta of 1.10. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Global Ship Lease has a 52-week low of $17.73 and a 52-week high of $30.32.

Global Ship Lease (NYSE:GSL) last posted its quarterly earnings results on Monday, May 19th. The shipping company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.27 by $0.38. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. The firm had revenue of $190.98 million for the quarter, compared to analyst estimates of $171.73 million. During the same period in the previous year, the business posted $2.53 earnings per share. On average, equities analysts anticipate that Global Ship Lease will post 9.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Global Ship Lease stock. Goldman Sachs Group Inc. grew its stake in Global Ship Lease, Inc. (NYSE:GSL) by 137.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 42,098 shares of the shipping company’s stock after acquiring an additional 24,333 shares during the period. Goldman Sachs Group Inc. owned about 0.12% of Global Ship Lease worth $962,000 as of its most recent filing with the SEC. Institutional investors own 50.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group raised their price target on shares of Global Ship Lease from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Clarkson Capital upgraded Global Ship Lease from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, StockNews.com lowered Global Ship Lease from a “buy” rating to a “hold” rating in a research note on Wednesday, May 14th.

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.