Allianz Asset Management GmbH Sells 26,496 Shares of Global Ship Lease, Inc. (NYSE:GSL)

Key Points

• Allianz Asset Management GmbH reduced its stake in Global Ship Lease, Inc. by 7.0%, selling 26,496 shares and retaining 350,211 shares worth $8,002,000.
• Global Ship Lease reported a quarterly EPS of $2.65, exceeding expectations of $2.27, along with a revenue of $190.98 million, above the forecast of $171.73 million.
• The company increased its quarterly dividend to $0.525, representing a 7.24% yield, up from the previous dividend of $0.45.

Allianz Asset Management GmbH cut its holdings in shares of Global Ship Lease, Inc. (NYSE:GSL - Free Report) by 7.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 350,211 shares of the shipping company's stock after selling 26,496 shares during the period. Allianz Asset Management GmbH owned about 0.99% of Global Ship Lease worth $8,002,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Foundry Partners LLC lifted its stake in Global Ship Lease by 1.5% during the first quarter. Foundry Partners LLC now owns 511,215 shares of the shipping company's stock worth $11,681,000 after purchasing an additional 7,470 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in Global Ship Lease by 41.9% during the first quarter. SBI Securities Co. Ltd. now owns 2,430 shares of the shipping company's stock worth $56,000 after purchasing an additional 717 shares during the last quarter. Isthmus Partners LLC lifted its stake in Global Ship Lease by 0.7% during the first quarter. Isthmus Partners LLC now owns 113,625 shares of the shipping company's stock worth $2,596,000 after purchasing an additional 793 shares during the last quarter. Cerity Partners LLC lifted its stake in Global Ship Lease by 61.2% during the first quarter. Cerity Partners LLC now owns 21,156 shares of the shipping company's stock worth $483,000 after purchasing an additional 8,033 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Global Ship Lease by 9.9% during the first quarter. Envestnet Asset Management Inc. now owns 22,012 shares of the shipping company's stock worth $503,000 after purchasing an additional 1,988 shares during the last quarter. 50.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Jefferies Financial Group increased their price target on Global Ship Lease from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Clarkson Capital cut Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 price target for the company. in a research note on Thursday, May 22nd. Finally, Wall Street Zen cut Global Ship Lease from a "buy" rating to a "hold" rating in a research note on Saturday.

Global Ship Lease Stock Down 0.5%

Shares of GSL opened at $29.01 on Friday. Global Ship Lease, Inc. has a 52 week low of $17.73 and a 52 week high of $29.23. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 2.74 and a beta of 1.19. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.71 and a current ratio of 1.77. The stock has a fifty day moving average of $26.41 and a 200-day moving average of $23.47.

Global Ship Lease (NYSE:GSL - Get Free Report) last announced its quarterly earnings results on Monday, May 19th. The shipping company reported $2.65 EPS for the quarter, beating analysts' consensus estimates of $2.27 by $0.38. The company had revenue of $190.98 million during the quarter, compared to analysts' expectations of $171.73 million. Global Ship Lease had a return on equity of 25.56% and a net margin of 53.31%. During the same period in the prior year, the company earned $2.53 EPS. As a group, sell-side analysts anticipate that Global Ship Lease, Inc. will post 9.74 earnings per share for the current fiscal year.

Global Ship Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Friday, May 23rd were issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 7.24%. This is an increase from Global Ship Lease's previous quarterly dividend of $0.45. The ex-dividend date was Friday, May 23rd. Global Ship Lease's dividend payout ratio is presently 19.83%.

Global Ship Lease Profile

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.

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