StockNews.com upgraded shares of Global Ship Lease (NYSE:GSL – Free Report) from a buy rating to a strong-buy rating in a report issued on Monday morning.
Separately, Jefferies Financial Group reissued a buy rating and set a $25.00 price objective on shares of Global Ship Lease in a report on Monday, March 4th.
View Our Latest Analysis on GSL
Global Ship Lease Price Performance
Global Ship Lease (NYSE:GSL – Get Free Report) last announced its quarterly earnings data on Monday, March 4th. The shipping company reported $2.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.15. The firm had revenue of $178.89 million during the quarter, compared to the consensus estimate of $171.54 million. Global Ship Lease had a return on equity of 29.87% and a net margin of 45.12%. During the same quarter in the prior year, the company earned $2.14 EPS. Sell-side analysts forecast that Global Ship Lease will post 9.4 EPS for the current fiscal year.
Global Ship Lease Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Thursday, February 22nd were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, February 21st. This represents a $1.50 annualized dividend and a dividend yield of 7.07%. Global Ship Lease’s dividend payout ratio is presently 18.01%.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in GSL. JPMorgan Chase & Co. raised its stake in Global Ship Lease by 713.8% during the first quarter. JPMorgan Chase & Co. now owns 129,200 shares of the shipping company’s stock valued at $3,681,000 after buying an additional 113,324 shares during the last quarter. Raymond James & Associates increased its position in Global Ship Lease by 381.3% during the first quarter. Raymond James & Associates now owns 62,993 shares of the shipping company’s stock valued at $1,795,000 after acquiring an additional 49,905 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Global Ship Lease by 29.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,890 shares of the shipping company’s stock valued at $681,000 after acquiring an additional 5,454 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Global Ship Lease by 260.0% during the first quarter. PNC Financial Services Group Inc. now owns 3,600 shares of the shipping company’s stock valued at $103,000 after acquiring an additional 2,600 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Global Ship Lease by 14.3% during the first quarter. BlackRock Inc. now owns 25,081 shares of the shipping company’s stock valued at $715,000 after purchasing an additional 3,137 shares during the period. 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.
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