Global Ship Lease (NYSE:GSL) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Global Ship Lease, Inc. (NYSE:GSL - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $22.91 and traded as high as $27.45. Global Ship Lease shares last traded at $27.03, with a volume of 505,067 shares trading hands.

Wall Street Analysts Forecast Growth

GSL has been the subject of a number of research reports. Clarkson Capital cut 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. Jefferies Financial Group upped their price target on Global Ship Lease from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, Wall Street Zen upgraded shares of Global Ship Lease from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st.

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 company has a market cap of $988.97 million, a price-to-earnings ratio of 2.63 and a beta of 1.19. The company has a fifty day simple moving average of $25.28 and a two-hundred day simple moving average of $23.01.

Global Ship Lease (NYSE:GSL - Get Free Report) last posted its quarterly earnings data on Monday, May 19th. The shipping company reported $2.65 EPS for the quarter, beating analysts' consensus estimates of $2.27 by $0.38. Global Ship Lease had a return on equity of 25.56% and a net margin of 53.31%. The business had revenue of $190.98 million for the quarter, compared to analyst estimates of $171.73 million. During the same quarter last year, the company earned $2.53 earnings per share. On average, equities research analysts anticipate that Global Ship Lease, Inc. will post 9.74 earnings per share for the current fiscal 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 paid a $0.525 dividend. This is a positive change from Global Ship Lease's previous quarterly dividend of $0.45. This represents a $2.10 annualized dividend and a dividend yield of 7.53%. The ex-dividend date was Friday, May 23rd. Global Ship Lease's payout ratio is currently 19.83%.

Institutional Investors Weigh In On Global Ship Lease

A number of large investors have recently modified their holdings of GSL. Farther Finance Advisors LLC acquired a new stake in shares of Global Ship Lease in the second quarter valued at about $26,000. SVB Wealth LLC acquired a new stake in shares of Global Ship Lease in the first quarter valued at about $33,000. CIBC Private Wealth Group LLC grew its stake in Global Ship Lease by 6,856.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the shipping company's stock valued at $36,000 after purchasing an additional 1,577 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Global Ship Lease during the 4th quarter valued at approximately $46,000. Finally, SBI Securities Co. Ltd. grew its stake in Global Ship Lease by 41.9% during 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 in the last quarter. Institutional investors and hedge funds 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.