Global Ship Lease (NYSE:GSL) Issues Earnings Results

Global Ship Lease (NYSE:GSL) issued its earnings results on Monday. The shipping company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.27 by $0.35, Zacks reports. Global Ship Lease had a net margin of 53.09% and a return on equity of 24.81%. The business’s revenue was up 10.7% compared to the same quarter last year.

Global Ship Lease Price Performance

GSL opened at $31.67 on Monday. The firm has a market capitalization of $1.13 billion, a PE ratio of 2.94 and a beta of 1.20. 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 business’s 50-day moving average is $30.45 and its two-hundred day moving average is $27.94. Global Ship Lease has a 1 year low of $17.73 and a 1 year high of $33.08.

Global Ship Lease Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 24th were paid a $0.5469 dividend. This represents a $2.19 annualized dividend and a yield of 6.9%. This is a positive change from Global Ship Lease’s previous quarterly dividend of $0.53. Global Ship Lease’s payout ratio is 19.50%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GSL. Zacks Research raised Global Ship Lease from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Global Ship Lease in a report on Wednesday, October 8th. Jefferies Financial Group restated a “buy” rating and set a $33.00 price target on shares of Global Ship Lease in a research note on Tuesday, August 5th. Finally, Wall Street Zen upgraded Global Ship Lease from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $30.50.

Institutional Trading of Global Ship Lease

A number of institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake in shares of Global Ship Lease by 66.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,715 shares of the shipping company’s stock worth $124,000 after acquiring an additional 1,877 shares in the last quarter. Tidal Investments LLC boosted its stake in Global Ship Lease by 12.7% in the second quarter. Tidal Investments LLC now owns 15,048 shares of the shipping company’s stock valued at $396,000 after acquiring an additional 1,701 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Global Ship Lease by 7.1% in the second quarter. NewEdge Advisors LLC now owns 16,927 shares of the shipping company’s stock worth $445,000 after purchasing an additional 1,127 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Global Ship Lease by 137.0% in the first quarter. Goldman Sachs Group Inc. now owns 42,098 shares of the shipping company’s stock worth $962,000 after purchasing an additional 24,333 shares during the last quarter. Finally, Jump Financial LLC increased its position in shares of Global Ship Lease by 88.2% during the second quarter. Jump Financial LLC now owns 51,616 shares of the shipping company’s stock worth $1,358,000 after purchasing an additional 24,196 shares in the last quarter. 50.08% of the stock is currently owned by institutional investors.

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.