Air Lease Corp. (AL) Reaches New 1-Year High on Analyst Upgrade
Air Lease Corp. (NYSE:AL)’s share price hit a new 52-week high during mid-day trading on Tuesday after FBR & Co raised their price target on the stock from $36.00 to $40.00. FBR & Co currently has an outperform rating on the stock. Air Lease Corp. traded as high as $35.55 and last traded at $35.58, with a volume of 387,964 shares changing hands. The stock had previously closed at $35.11.
A number of other equities research analysts have also commented on the company. Zacks Investment Research lowered Air Lease Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 10th. Stephens initiated coverage on Air Lease Corp. in a research report on Tuesday, November 1st. They set an “overweight” rating and a $48.00 price target on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $45.94.
In other news, Director Robert A. Milton sold 30,000 shares of the stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $31.73, for a total value of $951,900.00. Following the transaction, the director now owns 30,889 shares of the company’s stock, valued at approximately $980,107.97. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.45% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Air Lease Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 6,884,315 shares of the company’s stock worth $184,363,000 after buying an additional 274,550 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Air Lease Corp. by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,625,297 shares of the company’s stock valued at $97,082,000 after buying an additional 626,227 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Air Lease Corp. by 6.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,555,844 shares of the company’s stock valued at $73,046,000 after buying an additional 147,648 shares during the last quarter. Boston Partners increased its stake in shares of Air Lease Corp. by 6.3% in the third quarter. Boston Partners now owns 2,274,561 shares of the company’s stock valued at $65,007,000 after buying an additional 134,955 shares during the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in shares of Air Lease Corp. by 9.8% in the third quarter. Douglas Lane & Associates LLC now owns 1,951,455 shares of the company’s stock valued at $55,773,000 after buying an additional 173,597 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors.
The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 10.80 and a beta of 1.54. The company has a 50 day moving average of $30.90 and a 200 day moving average of $29.12.
Air Lease Corp. (NYSE:AL) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. The business had revenue of $355.10 million for the quarter, compared to analysts’ expectations of $356.47 million. Air Lease Corp. had a net margin of 26.09% and a return on equity of 14.83%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $0.71 earnings per share. On average, analysts expect that Air Lease Corp. will post $3.42 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 9th. Investors of record on Monday, December 12th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.85%. This is a boost from Air Lease Corp.’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Thursday, December 8th. Air Lease Corp.’s dividend payout ratio (DPR) is 6.08%.
Air Lease Corp. 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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