Bank of America Corp DE Has $704,000 Holdings in Global Ship Lease, Inc. (NYSE:GSL)

Bank of America Corp DE lowered its holdings in Global Ship Lease, Inc. (NYSE:GSL - Free Report) by 23.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,230 shares of the shipping company's stock after selling 9,873 shares during the quarter. Bank of America Corp DE owned about 0.09% of Global Ship Lease worth $704,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in GSL. Donald Smith & CO. Inc. lifted its holdings in Global Ship Lease by 69.0% during the 4th quarter. Donald Smith & CO. Inc. now owns 3,139,470 shares of the shipping company's stock worth $68,535,000 after buying an additional 1,281,941 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Global Ship Lease by 34.9% during the fourth quarter. Renaissance Technologies LLC now owns 629,750 shares of the shipping company's stock valued at $13,747,000 after acquiring an additional 162,900 shares during the period. Trexquant Investment LP lifted its stake in shares of Global Ship Lease by 46.7% during the fourth quarter. Trexquant Investment LP now owns 183,684 shares of the shipping company's stock valued at $4,010,000 after acquiring an additional 58,470 shares during the period. Fox Run Management L.L.C. bought a new position in Global Ship Lease in the fourth quarter valued at about $1,238,000. Finally, State of Tennessee Department of Treasury increased its position in Global Ship Lease by 89.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 67,860 shares of the shipping company's stock worth $1,481,000 after purchasing an additional 32,112 shares during the period. Institutional investors own 50.08% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Clarkson Capital downgraded 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. Jefferies Financial Group raised their price objective on shares of Global Ship Lease from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Wall Street Zen upgraded shares of Global Ship Lease from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd.

Global Ship Lease Trading Up 1.3%

Shares of Global Ship Lease stock traded up $0.34 during trading on Friday, hitting $26.47. 347,453 shares of the company were exchanged, compared to its average volume of 396,210. 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 firm has a market capitalization of $938.21 million, a P/E ratio of 2.93 and a beta of 1.19. The firm's fifty day moving average price is $22.78 and its 200 day moving average price is $22.35. Global Ship Lease, Inc. has a 1-year low of $17.73 and a 1-year high of $30.19.

Global Ship Lease (NYSE:GSL - Get Free Report) last posted its earnings results on Monday, May 19th. The shipping company reported $2.65 earnings per share for the quarter, topping 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%. The company had revenue of $190.98 million for the quarter, compared to analyst estimates of $171.73 million. During the same period last year, the business posted $2.53 earnings per share. As a group, sell-side analysts expect that Global Ship Lease, Inc. will post 9.74 earnings per share for the current fiscal year.

Global Ship Lease Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Friday, May 23rd were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Friday, May 23rd. This is a positive change from Global Ship Lease's previous quarterly dividend of $0.45. This represents a $2.10 annualized dividend and a yield of 7.93%. Global Ship Lease's payout ratio is currently 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.