Global Ship Lease, Inc. (NYSE:GSL) Plans Quarterly Dividend of $0.55

Key Points

• Global Ship Lease, Inc. announced a quarterly dividend of $0.55 per share, marking a 4.2% increase from its previous dividend of $0.53.
• The company has a comfortable payout ratio of 23.0%, indicating that earnings sufficiently cover the dividend payments.
• Global Ship Lease reported impressive earnings of $2.67 per share for the latest quarter, exceeding estimates by $0.52.

Global Ship Lease, Inc. (NYSE:GSL - Get Free Report) announced a quarterly dividend on Wednesday, September 10th, RTT News reports. Investors of record on Wednesday, September 24th will be given a dividend of 0.5469 per share by the shipping company on Wednesday, October 1st. This represents a c) annualized dividend and a yield of 6.8%. This is a 4.2% increase from Global Ship Lease's previous quarterly dividend of $0.53.

Global Ship Lease has a payout ratio of 23.0% meaning its dividend is sufficiently covered by earnings. 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 $2.10 annual dividend with an expected future payout ratio of 22.3%.

Global Ship Lease Price Performance

NYSE GSL traded down $0.44 during trading on Tuesday, hitting $32.10. 139,094 shares of the company's stock were exchanged, compared to its average volume of 375,103. The company has a market cap of $1.14 billion, a PE ratio of 2.98 and a beta of 1.12. The company has a current ratio of 2.01, a quick ratio of 1.94 and a debt-to-equity ratio of 0.37. Global Ship Lease has a fifty-two week low of $17.73 and a fifty-two week high of $33.05. The stock's 50 day moving average price is $29.59 and its two-hundred day moving average price is $25.57.

Global Ship Lease (NYSE:GSL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The shipping company reported $2.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.52. The company had revenue of $191.86 million for the quarter, compared to analyst estimates of $177.98 million. Global Ship Lease had a net margin of 53.09% and a return on equity of 24.81%. Research analysts expect that Global Ship Lease will post 9.74 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GSL shares. Wall Street Zen raised Global Ship Lease from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Clarkson Capital lowered Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 price target on the stock. in a research note on Thursday, May 22nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $33.00 price objective on shares of Global Ship Lease in a research note on Tuesday, August 5th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Global Ship Lease presently has an average rating of "Moderate Buy" and a consensus target price of $30.50.

Global Ship Lease Company 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.