Global Ship Lease (NYSE:GSL) Shares Gap Up on Earnings Beat

Shares of Global Ship Lease, Inc. (NYSE:GSL) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.32, but opened at $22.78. Global Ship Lease shares last traded at $22.59, with a volume of 148,093 shares changing hands.

The shipping company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.25. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. The firm had revenue of $182.43 million for the quarter, compared to the consensus estimate of $170.71 million.

Global Ship Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Monday, February 24th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.80 annualized dividend and a dividend yield of 7.81%. Global Ship Lease’s dividend payout ratio is presently 19.93%.

Analyst Ratings Changes

Several research analysts recently weighed in on GSL shares. Clarkson Capital downgraded Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 target price on the stock. in a research note on Thursday, November 14th. Jefferies Financial Group reissued a “buy” rating and issued a $29.00 price target on shares of Global Ship Lease in a report on Wednesday. Finally, StockNews.com upgraded shares of Global Ship Lease from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 25th.

Institutional Investors Weigh In On Global Ship Lease

Large investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC raised its stake in Global Ship Lease by 6,856.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the shipping company’s stock worth $36,000 after acquiring an additional 1,577 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Global Ship Lease in the fourth quarter worth about $37,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Global Ship Lease during the fourth quarter worth about $46,000. R Squared Ltd purchased a new stake in Global Ship Lease in the fourth quarter valued at approximately $50,000. Finally, WealthCollab LLC boosted its position in Global Ship Lease by 64.1% in the fourth quarter. WealthCollab LLC now owns 2,615 shares of the shipping company’s stock valued at $57,000 after buying an additional 1,021 shares during the last quarter. 50.08% of the stock is owned by hedge funds and other institutional investors.

Global Ship Lease Trading Up 8.0 %

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.58 and a current ratio of 1.64. The company has a market cap of $849.12 million, a price-to-earnings ratio of 2.55 and a beta of 1.53. The company’s fifty day moving average is $21.97 and its two-hundred day moving average is $23.21.

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.