Verition Fund Management LLC Lowers Stock Holdings in Global Ship Lease, Inc. (NYSE:GSL)

Verition Fund Management LLC reduced its stake in Global Ship Lease, Inc. (NYSE:GSL) by 27.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,497 shares of the shipping company’s stock after selling 11,794 shares during the period. Verition Fund Management LLC owned 0.08% of Global Ship Lease worth $813,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Global Ship Lease in the second quarter worth approximately $2,130,000. Janney Montgomery Scott LLC grew its position in shares of Global Ship Lease by 126.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 90,840 shares of the shipping company’s stock worth $2,421,000 after buying an additional 50,660 shares in the last quarter. Marshall Wace LLP grew its position in shares of Global Ship Lease by 275.5% during the 2nd quarter. Marshall Wace LLP now owns 1,068,524 shares of the shipping company’s stock worth $30,763,000 after buying an additional 783,963 shares in the last quarter. Foundry Partners LLC increased its stake in shares of Global Ship Lease by 45.2% during the third quarter. Foundry Partners LLC now owns 475,956 shares of the shipping company’s stock valued at $12,684,000 after buying an additional 148,247 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Global Ship Lease by 780.1% in the second quarter. Sei Investments Co. now owns 103,658 shares of the shipping company’s stock valued at $2,984,000 after acquiring an additional 91,880 shares in the last quarter. Institutional investors own 50.08% of the company’s stock.

Global Ship Lease Price Performance

Shares of GSL stock opened at $22.02 on Tuesday. The stock’s 50-day moving average is $23.79 and its 200 day moving average is $25.65. Global Ship Lease, Inc. has a 1-year low of $17.69 and a 1-year high of $30.32. 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 company has a market cap of $811.47 million, a P/E ratio of 2.44 and a beta of 1.55.

Global Ship Lease (NYSE:GSL) last released its quarterly earnings results on Monday, November 11th. The shipping company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02. The business had revenue of $174.06 million for the quarter, compared to analysts’ expectations of $175.83 million. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. During the same period last year, the business earned $2.33 EPS. Research analysts predict that Global Ship Lease, Inc. will post 9.85 earnings per share for the current fiscal year.

Global Ship Lease Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Friday, November 22nd were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 8.18%. The ex-dividend date was Friday, November 22nd. Global Ship Lease’s dividend payout ratio is currently 19.93%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GSL. Jefferies Financial Group reiterated a “buy” rating and set a $29.00 target price on shares of Global Ship Lease in a report on Monday, November 11th. StockNews.com downgraded shares of Global Ship Lease from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Clarkson Capital downgraded shares of Global Ship Lease from a “buy” rating to a “neutral” rating and set a $27.00 price objective for the company. in a research note on Thursday, November 14th.

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.