Global Ship Lease, Inc. (NYSE:GSL) Announces Quarterly Dividend of $0.69

Key Points

• Global Ship Lease raised its quarterly dividend 10% to $0.6875 per share ($2.75 annualized), a 6.7% yield. The dividend is payable December 3 to shareholders of record November 20.
• The dividend appears well covered: the current payout ratio is 27.4%, and analysts forecast a 24.8% payout ratio based on next year’s expected earnings.
• Quarterly results beat estimates, with EPS of $2.75 versus $2.46 expected and revenue of $201.36 million versus $189 million expected; revenue grew 4.5% year over year.

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 given a dividend of $0.6875 per share by the shipping company on Thursday, December 3rd. This represents a $2.75 annualized dividend and a 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 payout ratio of 27.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Performance

Shares of GSL stock opened at $41.05 on Tuesday. The stock has a market cap of $1.47 billion, a PE ratio of 4.02 and a beta of 1.03. Global Ship Lease has a 52-week low of $32.47 and a 52-week high of $46.57. The business has a 50-day simple moving average of $43.64 and a 200-day simple moving average of $40.63. The company has a quick ratio of 2.06, a current ratio of 2.13 and a debt-to-equity ratio of 0.27.

Global Ship Lease (NYSE:GSL - Get Free Report) last released its quarterly earnings data on Monday, November 9th. The shipping company reported $2.75 EPS for the quarter, topping the consensus estimate of $2.46 by $0.29. Global Ship Lease had a return on equity of 19.92% and a net margin of 49.10%. The business had revenue of $201.36 million for the quarter, compared to analyst estimates of $189.00 million. During the same quarter in the prior year, the firm posted $2.62 EPS. The business's quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities analysts expect that Global Ship Lease will post 9.62 EPS for the current year.

Insider Activity

In other news, Director Ulrike Helfer sold 4,000 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $44.82, for a total transaction of $179,280.00. Following the completion of the transaction, the director directly owned 8,503 shares in the company, valued at approximately $381,104.46. This represents a 31.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Anastasios Psaropoulos sold 48,330 shares of the firm's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $45.02, for a total value of $2,175,816.60. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 91,692 shares of company stock worth $4,104,852 in the last 90 days.

Hedge Funds Weigh In On Global Ship Lease

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Command Advisory Services Inc. boosted its holdings in Global Ship Lease by 168.6% in the third quarter. First Command Advisory Services Inc. now owns 1,225 shares of the shipping company's stock valued at $54,000 after purchasing an additional 769 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Global Ship Lease by 49.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,579 shares of the shipping company's stock valued at $59,000 after buying an additional 522 shares during the period. Pinnacle Holdings LLC purchased a new position in shares of Global Ship Lease in the 2nd quarter valued at about $80,000. Ameritas Advisory Services LLC acquired a new position in shares of Global Ship Lease during the second quarter worth about $103,000. Finally, Signaturefd LLC grew its position in shares of Global Ship Lease by 79.9% during the third quarter. Signaturefd LLC now owns 4,939 shares of the shipping company's stock worth $218,000 after buying an additional 2,194 shares in the last quarter. Hedge funds and other institutional investors own 50.08% of the company's stock.

About Global Ship Lease

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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