Global Ship Lease (NYSE:GSL) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Global Ship Lease, Inc. (NYSE:GSL) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.32, but opened at $22.78. Global Ship Lease shares last traded at $22.59, with a volume of 148,093 shares traded.

The shipping company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.25. Global Ship Lease had a return on equity of 27.88% and a net margin of 46.38%.

Global Ship Lease Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Monday, February 24th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, February 24th. This represents a $1.80 dividend on an annualized basis and a yield of 7.69%. Global Ship Lease’s dividend payout ratio (DPR) is currently 19.93%.

Analyst Ratings Changes

GSL has been the subject of several analyst reports. StockNews.com upgraded Global Ship Lease from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 25th. Clarkson Capital cut shares of Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 target price for the company. in a report on Thursday, November 14th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $29.00 price target on shares of Global Ship Lease in a report on Monday, November 11th.

Institutional Investors Weigh In On Global Ship Lease

A number of large investors have recently made changes to their positions in GSL. Donald Smith & CO. Inc. lifted its stake in shares of Global Ship Lease by 69.0% in the 4th quarter. Donald Smith & CO. Inc. now owns 3,139,470 shares of the shipping company’s stock worth $68,535,000 after purchasing an additional 1,281,941 shares during the period. Renaissance Technologies LLC increased its holdings in Global Ship Lease by 34.9% during the fourth quarter. Renaissance Technologies LLC now owns 629,750 shares of the shipping company’s stock valued at $13,747,000 after buying an additional 162,900 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Global Ship Lease by 2.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 519,913 shares of the shipping company’s stock worth $11,350,000 after acquiring an additional 13,828 shares during the period. Foundry Partners LLC boosted its stake in shares of Global Ship Lease by 5.8% during the 4th quarter. Foundry Partners LLC now owns 503,745 shares of the shipping company’s stock worth $10,997,000 after acquiring an additional 27,789 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Global Ship Lease by 2.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 391,053 shares of the shipping company’s stock valued at $10,422,000 after acquiring an additional 8,890 shares during the period. 50.08% of the stock is currently owned by institutional investors.

Global Ship Lease Stock Up 9.8 %

The company has a fifty day simple moving average of $21.95 and a 200-day simple moving average of $23.21. The firm has a market cap of $862.79 million, a P/E ratio of 2.59 and a beta of 1.53. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

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.