Global Ship Lease, Inc. (NYSE:GSL) Shares Sold by Allianz Asset Management GmbH

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 lowered its position in Global Ship Lease, Inc. (NYSE:GSL - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 350,211 shares of the shipping company's stock after selling 26,496 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.99% of Global Ship Lease worth $8,002,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GSL. CIBC Private Wealth Group LLC lifted its stake in Global Ship Lease by 6,856.5% in the fourth 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. lifted its position in shares of Global Ship Lease by 41.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,430 shares of the shipping company's stock worth $56,000 after buying an additional 717 shares during the last quarter. WealthCollab LLC lifted its position in shares of Global Ship Lease by 64.1% during the 4th quarter. WealthCollab LLC now owns 2,615 shares of the shipping company's stock worth $57,000 after buying an additional 1,021 shares during the last quarter. Pinnacle Holdings LLC lifted its position in shares of Global Ship Lease by 88.8% during the 4th quarter. Pinnacle Holdings LLC now owns 3,359 shares of the shipping company's stock worth $73,000 after buying an additional 1,580 shares during the last quarter. Finally, NBC Securities Inc. lifted its position in shares of Global Ship Lease by 111,333.3% during the 1st quarter. NBC Securities Inc. now owns 3,343 shares of the shipping company's stock worth $76,000 after buying an additional 3,340 shares during the last quarter. Hedge funds and other institutional investors own 50.08% of the company's stock.

Global Ship Lease Price Performance

Global Ship Lease stock traded down $0.33 during midday trading on Wednesday, reaching $28.65. The company's stock had a trading volume of 375,411 shares, compared to its average volume of 290,109. Global Ship Lease, Inc. has a fifty-two week low of $17.73 and a fifty-two week high of $29.23. 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's 50 day simple moving average is $26.59 and its 200 day simple moving average is $23.60. The firm has a market capitalization of $1.02 billion, a PE ratio of 2.71 and a beta of 1.19.

Global Ship Lease (NYSE:GSL - Get Free Report) last released its 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. Global Ship Lease had a return on equity of 25.56% and a net margin of 53.31%. The company had revenue of $190.98 million during the quarter, compared to the consensus estimate of $171.73 million. During the same quarter last year, the company earned $2.53 earnings per share. On average, equities research analysts forecast that Global Ship Lease, Inc. will post 9.74 earnings per share for the current year.

Global Ship Lease Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Friday, May 23rd were paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 7.33%. This is a boost from Global Ship Lease's previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, May 23rd. Global Ship Lease's dividend payout ratio is presently 19.83%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GSL shares. Wall Street Zen lowered shares of Global Ship Lease from a "buy" rating to a "hold" rating in a research report on Saturday. Clarkson Capital lowered shares of Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 target price on the stock. in a research report on Thursday, May 22nd. Finally, Jefferies Financial Group raised their target price on shares of Global Ship Lease from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, May 19th.

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.