Global Ship Lease, Inc. (NYSE:GSL – Get Free Report) announced a quarterly dividend on Monday, November 9th. Shareholders of record on Friday, November 20th will be paid a dividend of $0.6875 per share by the shipping company on Thursday, December 3rd. This represents a $2.75 annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Friday, November 20th. This is a 10.0% increase from Global Ship Lease’s previous quarterly dividend of $0.6250.
Global Ship Lease has a dividend payout ratio of 27.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Global Ship Lease to earn $10.10 per share next year, which means the company should continue to be able to cover its $2.50 annual dividend with an expected future payout ratio of 24.8%.
Global Ship Lease Stock Up 5.2%
Shares of NYSE GSL opened at $41.05 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.13 and a quick ratio of 2.06. The company has a market capitalization of $1.47 billion, a PE ratio of 3.95 and a beta of 1.03. Global Ship Lease has a 12-month low of $32.47 and a 12-month high of $46.57. The firm’s 50-day moving average is $43.64 and its two-hundred day moving average is $40.63.
Global Ship Lease (NYSE:GSL – Get Free Report) last posted its quarterly earnings results on Monday, November 9th. The shipping company reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.29. Global Ship Lease had a net margin of 49.10% and a return on equity of 19.92%. The company had revenue of $201.36 million for the quarter, compared to the consensus estimate of $189.00 million. During the same quarter last year, the firm posted $2.62 earnings per share. Global Ship Lease’s revenue was up 4.5% on a year-over-year basis. Equities analysts anticipate that Global Ship Lease will post 9.62 EPS for the current fiscal year.
Insider Buying and Selling at Global Ship Lease
In other news, insider Georgios Giannopoulos sold 7,692 shares of the business’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $45.08, for a total transaction of $346,755.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Anastasios Psaropoulos sold 48,330 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $45.02, for a total transaction of $2,175,816.60. Following the sale, the chief financial officer owned 68,698 shares of the company’s stock, valued at approximately $3,092,783.96. This represents a 41.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 91,692 shares of company stock worth $4,104,852.
Institutional Trading of Global Ship Lease
Several large investors have recently made changes to their positions in the company. Donald Smith & CO. Inc. acquired a new stake in shares of Global Ship Lease in the 2nd quarter valued at approximately $27,859,000. First Trust Advisors LP bought a new position in Global Ship Lease in the 1st quarter valued at approximately $12,681,000. Lazard Asset Management LLC lifted its stake in Global Ship Lease by 65.5% in the 1st quarter. Lazard Asset Management LLC now owns 294,674 shares of the shipping company’s stock valued at $10,971,000 after purchasing an additional 116,606 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Global Ship Lease in the 1st quarter valued at approximately $10,790,000. Finally, Sei Investments Co. boosted its position in Global Ship Lease by 51.8% in the first quarter. Sei Investments Co. now owns 200,806 shares of the shipping company’s stock valued at $7,476,000 after buying an additional 68,535 shares in the last quarter. Institutional investors and hedge funds own 50.08% of the company’s stock.
Global Ship Lease Company Profile
Global Ship Lease is a containership owner that leases vessels to container shipping companies under charter agreements. Its fleet includes ships of various sizes, serving the needs of operators on international trade routes.
Founded in 2007, the company became publicly listed in 2008 and expanded its business through acquisitions, including its 2018 acquisition of Poseidon Containers. Global Ship Lease’s vessels operate worldwide through the shipping companies that charter them.
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