Novem Group Makes New $768,000 Investment in Global Ship Lease, Inc. (NYSE:GSL)

Novem Group acquired a new position in Global Ship Lease, Inc. (NYSE:GSL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 35,200 shares of the shipping company's stock, valued at approximately $768,000. Novem Group owned approximately 0.10% of Global Ship Lease at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GSL. CIBC Private Wealth Group LLC grew its stake in Global Ship Lease by 6,856.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the shipping company's stock valued at $36,000 after acquiring an additional 1,577 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Global Ship Lease during the fourth quarter valued at $37,000. Steward Partners Investment Advisory LLC purchased a new position in Global Ship Lease during the fourth quarter valued at $46,000. R Squared Ltd purchased a new position in Global Ship Lease during the fourth quarter valued at $50,000. Finally, WealthCollab LLC grew its stake in Global Ship Lease by 64.1% during the fourth quarter. WealthCollab LLC now owns 2,615 shares of the shipping company's stock valued at $57,000 after acquiring an additional 1,021 shares in the last quarter. 50.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GSL shares. Wall Street Zen upgraded shares of Global Ship Lease from a "hold" rating to a "buy" rating in a research report on Thursday. Clarkson Capital lowered shares of Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 target price for the company. in a report on Thursday. 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 report on Monday, May 19th.

Global Ship Lease Trading Down 2.0%

GSL stock traded down $0.50 during trading on Friday, hitting $24.45. The company had a trading volume of 415,021 shares, compared to its average volume of 415,672. The firm has a market capitalization of $866.75 million, a P/E ratio of 2.71 and a beta of 1.10. Global Ship Lease, Inc. has a 52-week low of $17.73 and a 52-week high of $30.32. The company has a 50 day simple moving average of $22.02 and a 200-day simple moving average of $22.17. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Global Ship Lease (NYSE:GSL - Get Free Report) last posted its quarterly earnings data on Monday, May 19th. The shipping company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.27 by $0.38. The firm had revenue of $190.98 million during the quarter, compared to analyst estimates of $171.73 million. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. During the same quarter in the previous year, the business posted $2.53 EPS. As a group, research analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Friday, May 23rd will be given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 8.59%. The ex-dividend date of this dividend is Friday, May 23rd. This is an increase from Global Ship Lease's previous quarterly dividend of $0.45. 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.