Global Ship Lease (NYSE:GSL) Shares Down 3.1% – Here’s What Happened

Global Ship Lease, Inc. (NYSE:GSL) dropped 3.1% on Tuesday . The stock traded as low as $25.43 and last traded at $25.55. Approximately 477,365 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 426,469 shares. The stock had previously closed at $26.38.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GSL. Jefferies Financial Group increased their target price on shares of Global Ship Lease from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Clarkson Capital raised shares of Global Ship Lease from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, StockNews.com downgraded Global Ship Lease from a “buy” rating to a “hold” rating in a report on Wednesday, May 14th.

Global Ship Lease Trading Down 3.2%

The stock has a market capitalization of $904.78 million, a PE ratio of 2.83 and a beta of 1.10. The business’s 50-day moving average is $21.85 and its two-hundred day moving average is $22.13. The company has a current ratio of 1.64, a quick ratio of 1.58 and a debt-to-equity ratio of 0.38.

Global Ship Lease (NYSE:GSL) last announced its quarterly earnings data on Monday, May 19th. The shipping company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.38. The firm had revenue of $190.98 million for the quarter, compared to analysts’ expectations of $171.73 million. Global Ship Lease had a return on equity of 27.88% and a net margin of 46.38%. During the same quarter in the prior year, the firm posted $2.53 earnings per share. On average, analysts predict that Global Ship Lease, Inc. will post 9.74 earnings per share for the current year.

Global Ship Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Friday, May 23rd will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 8.23%. This is a boost from Global Ship Lease’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, May 23rd. Global Ship Lease’s dividend payout ratio (DPR) is presently 21.58%.

Institutional Investors Weigh In On Global Ship Lease

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC acquired a new stake in shares of Global Ship Lease in the first quarter worth $33,000. CIBC Private Wealth Group LLC lifted its stake in shares of Global Ship Lease by 6,856.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 1,577 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Global Ship Lease during the 4th quarter valued at $37,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Global Ship Lease in the 4th quarter valued at $46,000. Finally, R Squared Ltd acquired a new position in Global Ship Lease in the 4th quarter worth $50,000. Hedge funds and other 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.