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

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GSL shares. Clarkson Capital downgraded Global Ship Lease from a "strong-buy" rating to a "hold" rating and set a $28.00 price objective on the stock. in a research report on Thursday, May 22nd. Jefferies Financial Group raised their price target on Global Ship Lease from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Wall Street Zen downgraded Global Ship Lease from a "buy" rating to a "hold" rating in a research note on Saturday.

Global Ship Lease Price Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.71 and a current ratio of 1.77. The stock has a market capitalization of $1.03 billion, a PE ratio of 2.74 and a beta of 1.19. The business's 50-day moving average price is $26.41 and its 200 day moving average price is $23.47.

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

Global Ship Lease Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Friday, May 23rd were given a $0.525 dividend. The ex-dividend date was Friday, May 23rd. This represents a $2.10 dividend on an annualized basis and a dividend yield of 7.24%. This is an increase from Global Ship Lease's previous quarterly dividend of $0.45. Global Ship Lease's payout ratio is presently 19.83%.

Institutional Trading of Global Ship Lease

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Crescent Grove Advisors LLC lifted its position in shares of Global Ship Lease by 137.1% during the 1st quarter. Crescent Grove Advisors LLC now owns 70,617 shares of the shipping company's stock worth $1,614,000 after buying an additional 40,828 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in Global Ship Lease in the first quarter valued at approximately $244,000. Janney Montgomery Scott LLC boosted its stake in shares of Global Ship Lease by 3.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 91,710 shares of the shipping company's stock valued at $2,096,000 after buying an additional 2,983 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its position in Global Ship Lease by 34.7% in the first quarter. Redhawk Wealth Advisors Inc. now owns 46,158 shares of the shipping company's stock worth $1,055,000 after buying an additional 11,892 shares during the period. Finally, Novem Group bought a new stake in shares of Global Ship Lease during the fourth quarter valued at about $768,000. Hedge funds and other institutional investors own 50.08% of the company's stock.

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.