Global Ship Lease, Inc. (NYSE:GSL) Raises Dividend to $0.53 Per Share

Global Ship Lease, Inc. (NYSE:GSL) declared a quarterly dividend on Monday, May 12th, RTT News reports. Shareholders of record on Friday, May 23rd will be paid a dividend of 0.525 per share by the shipping company on Tuesday, June 3rd. This represents a $2.10 annualized dividend and a yield of 9.02%. This is a 16.7% increase from Global Ship Lease’s previous quarterly dividend of $0.45.

Global Ship Lease has raised its dividend payment by an average of 28.1% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Global Ship Lease has a dividend payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Global Ship Lease to earn $9.40 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 19.1%.

Global Ship Lease Price Performance

GSL traded up $1.22 during trading on Monday, hitting $23.29. 534,069 shares of the stock traded hands, compared to its average volume of 379,989. Global Ship Lease has a twelve month low of $17.73 and a twelve month high of $30.32. The company has a market cap of $825.42 million, a price-to-earnings ratio of 2.58 and a beta of 1.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.58. The business has a 50 day moving average price of $21.66 and a 200 day moving average price of $22.08.

Global Ship Lease (NYSE:GSL) last announced its quarterly earnings data on Wednesday, March 5th. The shipping company reported $2.55 EPS for the quarter, beating the consensus estimate of $2.30 by $0.25. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. The business had revenue of $182.43 million during the quarter, compared to the consensus estimate of $170.71 million. Equities research analysts forecast that Global Ship Lease will post 9.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

GSL has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $29.00 price target on shares of Global Ship Lease in a report on Wednesday, March 5th. Clarkson Capital upgraded 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 shares of Global Ship Lease from a “strong-buy” rating to a “buy” rating in a report on Friday, March 7th.

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.