Zacks Investment Research upgraded shares of Air Lease (NYSE:AL) from a hold rating to a buy rating in a research report released on Tuesday morning. The firm currently has $55.00 target price on the transportation company’s stock.
According to Zacks, “Air Lease Corporation is an aircraft leasing company principally engaged in purchasing commercial aircraft and leasing to airlines around the world. The Company provides leasing services in Asia, the Pacific Rim, Latin America, the Middle East and Eastern Europe. Air Lease Corporation is based in Los Angeles, California. “
AL has been the subject of several other research reports. ValuEngine downgraded Air Lease from a buy rating to a hold rating in a research note on Sunday, December 31st. Royal Bank of Canada increased their price target on Air Lease from $79.00 to $80.00 and gave the stock a top pick rating in a research note on Friday, September 29th. Bank of America set a $47.00 price target on Air Lease and gave the stock a hold rating in a research note on Thursday, October 19th. Cowen increased their price target on Air Lease from $45.00 to $54.00 and gave the stock an outperform rating in a research note on Friday, November 10th. Finally, Credit Suisse Group increased their price target on Air Lease from $44.00 to $46.00 and gave the stock an outperform rating in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Air Lease has a consensus rating of Hold and an average target price of $49.40.
Shares of Air Lease (AL) traded up $1.37 during trading hours on Tuesday, reaching $49.80. The company’s stock had a trading volume of 536,800 shares, compared to its average volume of 732,838. The company has a market cap of $5,170.00, a P/E ratio of 14.31, a PEG ratio of 1.27 and a beta of 1.81. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.06 and a quick ratio of 1.06. Air Lease has a 52-week low of $34.42 and a 52-week high of $49.94.
Air Lease (NYSE:AL) last announced its quarterly earnings data on Thursday, November 9th. The transportation company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The firm had revenue of $376.77 million during the quarter, compared to the consensus estimate of $374.61 million. Air Lease had a return on equity of 10.87% and a net margin of 25.67%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 EPS. sell-side analysts forecast that Air Lease will post 3.45 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, January 4th. Stockholders of record on Thursday, December 14th were paid a dividend of $0.10 per share. This is an increase from Air Lease’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, December 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.80%. Air Lease’s dividend payout ratio is presently 11.49%.
In related news, EVP Jie Chen sold 4,000 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $47.96, for a total transaction of $191,840.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Kishore Korde sold 2,000 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $40.80, for a total value of $81,600.00. Following the sale, the executive vice president now directly owns 84,410 shares in the company, valued at approximately $3,443,928. The disclosure for this sale can be found here. Insiders have sold a total of 379,000 shares of company stock valued at $15,939,110 in the last quarter. 9.76% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Leith Wheeler Investment Counsel Ltd. lifted its holdings in Air Lease by 5.4% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 47,656 shares of the transportation company’s stock worth $2,292,000 after purchasing an additional 2,440 shares in the last quarter. Aurora Investment Counsel purchased a new stake in Air Lease during the 4th quarter worth about $2,020,000. Americafirst Capital Management LLC purchased a new stake in shares of Air Lease in the 3rd quarter valued at about $444,000. Sterling Capital Management LLC raised its holdings in shares of Air Lease by 8.9% in the 3rd quarter. Sterling Capital Management LLC now owns 107,144 shares of the transportation company’s stock valued at $4,566,000 after acquiring an additional 8,795 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Air Lease by 5.4% in the 3rd quarter. California Public Employees Retirement System now owns 200,500 shares of the transportation company’s stock valued at $8,545,000 after acquiring an additional 10,300 shares in the last quarter. 91.83% of the stock is currently owned by institutional investors and hedge funds.
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Air Lease Company Profile
Air Lease Corporation is an aircraft leasing company. The Company is principally engaged in purchasing new commercial jet transport aircraft directly from aircraft manufacturers, such as The Boeing Company (Boeing) and Airbus SAS. (Airbus), and leasing those aircraft to airlines across the world. Along with its leasing activities, the Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies and airlines.
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