Global Ship Lease (NYSE:GSL) Releases Earnings Results, Beats Estimates By $0.52 EPS

Key Points

• Global Ship Lease reported earnings of $2.67 EPS, exceeding analyst expectations by $0.52.
• The company increased its dividend to $0.525 per share, resulting in an annual yield of 7.2%.
• Shares of Global Ship Lease rose 2.7% after the earnings announcement, trading at $29.37.

Global Ship Lease (NYSE:GSL - Get Free Report) announced its earnings results on Tuesday. The shipping company reported $2.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.52, Zacks reports. Global Ship Lease had a net margin of 53.31% and a return on equity of 25.56%.

Global Ship Lease Trading Up 2.7%

Shares of GSL stock traded up $0.78 on Tuesday, hitting $29.37. The stock had a trading volume of 309,209 shares, compared to its average volume of 377,601. Global Ship Lease has a 1 year low of $17.73 and a 1 year high of $29.67. The firm has a market capitalization of $1.04 billion, a P/E ratio of 2.78 and a beta of 1.21. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.77 and a quick ratio of 1.71. The company's 50 day moving average price is $26.82 and its 200-day moving average price is $23.76.

Global Ship Lease Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Friday, May 23rd were issued a $0.525 dividend. The ex-dividend date was Friday, May 23rd. This represents a $2.10 annualized dividend and a dividend yield of 7.2%. This is a boost from Global Ship Lease's previous quarterly dividend of $0.45. Global Ship Lease's dividend payout ratio (DPR) is presently 19.83%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GSL shares. Jefferies Financial Group lifted their price target on shares of Global Ship Lease from $28.00 to $30.00 and gave the company a "buy" rating in a report on Monday, May 19th. Wall Street Zen downgraded Global Ship Lease from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, 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 report on Thursday, May 22nd.

Institutional Trading of Global Ship Lease

A hedge fund recently raised its stake in Global Ship Lease stock. Goldman Sachs Group Inc. boosted its position in Global Ship Lease, Inc. (NYSE:GSL - Free Report) by 137.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,098 shares of the shipping company's stock after acquiring an additional 24,333 shares during the quarter. Goldman Sachs Group Inc. owned 0.12% of Global Ship Lease worth $962,000 as of its most recent filing with the Securities and Exchange Commission. 50.08% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.