FBR & Co Cuts Air Lease Corp (AL) Price Target to $45.00
Air Lease Corp (NYSE:AL) had its price objective reduced by FBR & Co from $47.00 to $45.00 in a research note published on Friday, May 5th. They currently have an outperform rating on the transportation company’s stock.
Other analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Air Lease Corp from a strong-buy rating to a hold rating in a research note on Monday, February 27th. Cowen and Company boosted their target price on shares of Air Lease Corp from $37.00 to $41.00 and gave the company an outperform rating in a research note on Friday, February 24th. Finally, Morgan Stanley lowered shares of Air Lease Corp from an overweight rating to an equal weight rating and boosted their target price for the company from $40.00 to $42.00 in a research note on Thursday, April 6th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $44.33.
Air Lease Corp (NYSE:AL) traded up 0.05% during midday trading on Friday, hitting $37.51. 968,729 shares of the stock traded hands. The company has a 50-day moving average price of $37.10 and a 200 day moving average price of $36.85. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 11.17 and a beta of 1.60. Air Lease Corp has a one year low of $24.49 and a one year high of $40.24.
Air Lease Corp (NYSE:AL) last issued its quarterly earnings results on Thursday, February 23rd. The transportation company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $360.63 million. Air Lease Corp had a net margin of 26.09% and a return on equity of 14.83%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Equities research analysts anticipate that Air Lease Corp will post $3.47 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 11th. Shareholders of record on Wednesday, June 14th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.80%. The ex-dividend date is Monday, June 12th. Air Lease Corp’s dividend payout ratio (DPR) is presently 9.12%.
In related news, EVP Kishore Korde sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $38.00, for a total value of $76,000.00. Following the completion of the sale, the executive vice president now owns 88,410 shares of the company’s stock, valued at approximately $3,359,580. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Jie Chen sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $39.14, for a total value of $1,174,200.00. Following the sale, the executive vice president now directly owns 280,341 shares of the company’s stock, valued at approximately $10,972,546.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,959 shares of company stock worth $1,404,957. 9.45% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of AL. Advisor Group Inc. boosted its stake in Air Lease Corp by 179.2% in the third quarter. Advisor Group Inc. now owns 4,196 shares of the transportation company’s stock valued at $120,000 after buying an additional 2,693 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Air Lease Corp during the third quarter valued at $326,000. BlackRock Institutional Trust Company N.A. raised its position 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 transportation company’s stock worth $73,046,000 after buying an additional 147,648 shares during the last quarter. Rhumbline Advisers raised its position in shares of Air Lease Corp by 4.0% in the third quarter. Rhumbline Advisers now owns 87,876 shares of the transportation company’s stock worth $2,511,000 after buying an additional 3,360 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Air Lease Corp by 2.9% in the third quarter. BlackRock Fund Advisors now owns 992,142 shares of the transportation company’s stock worth $28,355,000 after buying an additional 28,051 shares during the last quarter. 90.06% of the stock is owned by institutional investors.
About Air Lease Corp
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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