Global Ship Lease, Inc. (NYSE:GSL) Increases Dividend to $0.53 Per Share

Global Ship Lease, Inc. (NYSE:GSL - Get Free Report) declared a quarterly dividend on Monday, May 12th, RTT News reports. Investors of record on Friday, May 23rd will be given a dividend of 0.525 per share by the shipping company on Tuesday, June 3rd. This represents a $2.10 dividend on an annualized basis and a yield of 9.02%. This is a 16.7% increase from Global Ship Lease's previous quarterly dividend of $0.45.

Global Ship Lease has raised its dividend by an average of 28.1% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Global Ship Lease has a dividend payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Global Ship Lease to earn $9.40 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 19.1%.

Global Ship Lease Stock Performance

Global Ship Lease stock traded up $1.22 during midday trading on Monday, reaching $23.29. 534,069 shares of the company's stock were exchanged, compared to its average volume of 379,989. Global Ship Lease has a 52 week low of $17.73 and a 52 week high of $30.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.58 and a current ratio of 1.64. The firm has a market cap of $825.42 million, a price-to-earnings ratio of 2.58 and a beta of 1.10. The stock's 50-day simple moving average is $21.66 and its 200 day simple moving average is $22.08.

Global Ship Lease (NYSE:GSL - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The shipping company reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.25. Global Ship Lease had a return on equity of 27.88% and a net margin of 46.38%. The business had revenue of $182.43 million during the quarter, compared to analysts' expectations of $170.71 million. On average, analysts expect that Global Ship Lease will post 9.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. StockNews.com cut Global Ship Lease from a "strong-buy" rating to a "buy" rating in a report on Friday, March 7th. Jefferies Financial Group restated a "buy" rating and set a $29.00 price objective on shares of Global Ship Lease in a report on Wednesday, March 5th. Finally, Clarkson Capital upgraded shares of Global Ship Lease from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 19th.

About Global Ship Lease

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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