Global Ship Lease (NYSE:GSL) Shares Gap Up After Strong Earnings

Shares of Global Ship Lease, Inc. (NYSE:GSL) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.11, but opened at $26.21. Global Ship Lease shares last traded at $26.07, with a volume of 264,138 shares changing hands.

The shipping company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.38. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. During the same quarter in the previous year, the business posted $2.53 EPS.

Global Ship Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Friday, May 23rd will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 8.06%. This is a positive change from Global Ship Lease’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, May 23rd. Global Ship Lease’s dividend payout ratio (DPR) is presently 21.58%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GSL shares. Jefferies Financial Group restated a “buy” rating and issued a $29.00 price target on shares of Global Ship Lease in a research report on Wednesday, March 5th. StockNews.com lowered shares of Global Ship Lease from a “buy” rating to a “hold” rating in a research report on Wednesday, May 14th. Finally, Clarkson Capital upgraded Global Ship Lease from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 19th.

Hedge Funds Weigh In On Global Ship Lease

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its stake 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 in the last quarter. PharVision Advisers LLC bought a new stake in shares of Global Ship Lease in the 1st quarter valued at about $591,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Global Ship Lease in the 1st quarter worth approximately $13,304,000. Quarry LP lifted its position in shares of Global Ship Lease by 321.6% in the 1st quarter. Quarry LP now owns 8,222 shares of the shipping company’s stock worth $188,000 after purchasing an additional 6,272 shares during the period. Finally, Vident Advisory LLC boosted its stake in shares of Global Ship Lease by 3.9% during the first quarter. Vident Advisory LLC now owns 44,162 shares of the shipping company’s stock valued at $1,009,000 after purchasing an additional 1,640 shares in the last quarter. 50.08% of the stock is owned by hedge funds and other institutional investors.

Global Ship Lease Trading Up 3.8%

The company has a market capitalization of $923.93 million, a PE ratio of 2.88 and a beta of 1.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.58. The company’s fifty day moving average is $21.79 and its 200-day moving average is $22.11.

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.