Global Ship Lease (NYSE:GSL) Reaches New 52-Week High - Still a Buy?

Global Ship Lease, Inc. (NYSE:GSL - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $28.78 and last traded at $28.74, with a volume of 94029 shares. The stock had previously closed at $28.09.

Wall Street Analysts Forecast Growth

GSL has been the topic of several analyst reports. Clarkson Capital downgraded shares of 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. 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. Finally, Wall Street Zen downgraded shares of Global Ship Lease from a "buy" rating to a "hold" rating in a report on Saturday.

Global Ship Lease Price Performance

The company has a quick ratio of 1.71, a current ratio of 1.77 and a debt-to-equity ratio of 0.40. The firm has a market cap of $1.03 billion, a PE ratio of 2.74 and a beta of 1.19. The firm's fifty day simple moving average is $26.41 and its two-hundred day simple moving average is $23.47.

Global Ship Lease (NYSE:GSL - Get Free Report) last issued its quarterly earnings results on Monday, May 19th. The shipping company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.27 by $0.38. The business had revenue of $190.98 million for the quarter, compared to the consensus estimate of $171.73 million. Global Ship Lease had a net margin of 53.31% and a return on equity of 25.56%. During the same quarter in the previous year, the firm earned $2.53 earnings per share. As a group, research analysts expect that Global Ship Lease, Inc. will post 9.74 EPS for the current year.

Global Ship Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Friday, May 23rd were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.10 annualized dividend and a dividend yield of 7.24%. 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%.

Institutional Investors Weigh In On Global Ship Lease

Several institutional investors and hedge funds have recently modified their holdings of the stock. U S Global Investors Inc. bought a new stake in shares of Global Ship Lease during the second quarter valued at approximately $173,000. Ameritas Advisory Services LLC bought a new stake in shares of Global Ship Lease during the second quarter valued at approximately $72,000. Highline Wealth Partners LLC raised its position in shares of Global Ship Lease by 11.2% during the second quarter. Highline Wealth Partners LLC now owns 9,450 shares of the shipping company's stock valued at $249,000 after buying an additional 950 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Global Ship Lease by 28.5% during the second quarter. Public Employees Retirement System of Ohio now owns 88,218 shares of the shipping company's stock valued at $2,321,000 after buying an additional 19,540 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Global Ship Lease during the second quarter valued at $750,000. Institutional investors own 50.08% of the company's stock.

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.