Global Ship Lease (NYSE:GSL) Hits New 1-Year High - Here's Why

Key Points

• Global Ship Lease's shares reached a new 52-week high of $33.08, with the stock closing at $33.02 on significant trading volume.
• The company recently increased its quarterly dividend to $0.5469 per share, resulting in an annualized yield of 6.6%, showing strong financial performance.
• Analysts have varying views on the stock, with one upgrade to "buy" from "hold," while another firm set a price objective of $28.00, indicating mixed sentiment in the market.

Global Ship Lease, Inc. (NYSE:GSL - Get Free Report)'s share price hit a new 52-week high on Thursday . The stock traded as high as $33.08 and last traded at $33.02, with a volume of 253641 shares. The stock had previously closed at $32.47.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wall Street Zen upgraded shares of Global Ship Lease from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Clarkson Capital cut shares of Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 price objective for the company. in a research note on Thursday, May 22nd. Finally, Jefferies Financial Group reiterated 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 equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.50.

Global Ship Lease Stock Up 1.7%

The firm's 50-day moving average price is $29.79 and its 200 day moving average price is $25.66. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 3.07 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 (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%. On average, sell-side analysts forecast that Global Ship Lease, Inc. will post 9.74 EPS for the current fiscal year.

Global Ship Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 24th will be issued a dividend of $0.5469 per share. This represents a $2.19 dividend on an annualized basis and a yield of 6.6%. This is a positive change from Global Ship Lease's previous quarterly dividend of $0.53. Global Ship Lease's payout ratio is presently 19.50%.

Institutional Investors Weigh In On Global Ship Lease

Institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC bought a new stake in shares of Global Ship Lease in the 2nd quarter valued at $26,000. SVB Wealth LLC bought a new stake in shares of Global Ship Lease in the 1st quarter valued at $33,000. SBI Securities Co. Ltd. boosted its stake in shares of Global Ship Lease by 41.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,430 shares of the shipping company's stock valued at $56,000 after purchasing an additional 717 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Global Ship Lease by 6,605.4% in the 2nd quarter. Allworth Financial LP now owns 2,481 shares of the shipping company's stock valued at $65,000 after purchasing an additional 2,444 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Global Ship Lease in the 2nd quarter valued at $72,000. 50.08% of the stock is owned by institutional investors.

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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