Global Ship Lease, Inc. (NYSE:GSL – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $43.92 and last traded at $43.2860, with a volume of 11685 shares. The stock had previously closed at $43.60.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on GSL shares. Wall Street Zen raised Global Ship Lease from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Jefferies Financial Group began coverage on Global Ship Lease in a research report on Friday, April 24th. They set a “buy” rating and a $45.00 price target on the stock. Zacks Research upgraded Global Ship Lease from a “strong sell” rating to a “hold” rating in a research note on Monday. Fearnley Fonds raised Global Ship Lease from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Global Ship Lease in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $46.50.
Get Our Latest Research Report on GSL
Global Ship Lease Stock Down 0.6%
Global Ship Lease (NYSE:GSL – Get Free Report) last released its quarterly earnings results on Friday, May 22nd. The shipping company reported $2.56 EPS for the quarter, topping the consensus estimate of $2.40 by $0.16. Global Ship Lease had a return on equity of 21.11% and a net margin of 50.01%.The business had revenue of $198.08 million during the quarter, compared to analysts’ expectations of $182.87 million. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts expect that Global Ship Lease, Inc. will post 9.5 EPS for the current year.
Global Ship Lease Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Friday, May 22nd were paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Friday, May 22nd. Global Ship Lease’s payout ratio is 23.74%.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the business. NewEdge Advisors LLC increased its holdings in shares of Global Ship Lease by 1.4% in the 1st quarter. NewEdge Advisors LLC now owns 21,269 shares of the shipping company’s stock valued at $792,000 after purchasing an additional 296 shares in the last quarter. BankChampaign National Association acquired a new position in shares of Global Ship Lease during the 1st quarter worth approximately $829,000. Bank of America Corp DE lifted its position in shares of Global Ship Lease by 174.5% in the first quarter. Bank of America Corp DE now owns 74,854 shares of the shipping company’s stock valued at $2,787,000 after acquiring an additional 47,589 shares in the last quarter. Parvin Asset Management LLC lifted its holdings in Global Ship Lease by 11.4% in the 1st quarter. Parvin Asset Management LLC now owns 19,905 shares of the shipping company’s stock valued at $741,000 after purchasing an additional 2,035 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Global Ship Lease by 49.4% during the first quarter. EverSource Wealth Advisors LLC now owns 1,579 shares of the shipping company’s stock worth $59,000 after acquiring an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 50.08% of the company’s stock.
About Global Ship Lease
Global Ship Lease (NYSE: GSL) is a Bermuda-based containership charter owner focused on acquiring, owning and leasing modern, fuel-efficient vessels to major liner operators. Founded in 2011 and listed on the New York Stock Exchange the same year, the company’s fleet primarily comprises post-Panamax containerships designed to serve the high-volume Asia–Europe and transpacific shipping lanes. By specializing in long-term charter agreements, Global Ship Lease aims to maintain stable revenue streams and minimize spot-market volatility.
The company’s business model centers on negotiating multi-year time charters with leading global shipping lines.
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