Zacks Investment Research upgraded shares of AeroCentury Corp. (NYSEMKT:ACY) from a hold rating to a buy rating in a research note published on Monday morning. Zacks Investment Research currently has $13.00 target price on the financial services provider’s stock.

According to Zacks, “AeroCentury Corp. was formed to acquire JetFleet Aircraft, L.P. and JetFleet Aircraft II, L.P., in a statutory merger. The company is an operating lessor and finance company which specializes in leasing used turboprop aircraft and engines. The company’s aircraft and engines are on lease to regional airlines and commercial users in the U.S., Canada, the U.K., South America and Europe. (PRESS RELEASE) “

ACY has been the subject of several other reports. TheStreet lowered AeroCentury Corp. from a c rating to a d rating in a research note on Wednesday, May 17th. ValuEngine lowered AeroCentury Corp. from a buy rating to a hold rating in a research note on Friday, June 2nd.

Shares of AeroCentury Corp. (NYSEMKT:ACY) opened at 12.60 on Monday. The firm has a market capitalization of $17.84 million, a P/E ratio of 12.99 and a beta of 0.15. AeroCentury Corp. has a 12 month low of $8.50 and a 12 month high of $16.10. The company’s 50 day moving average price is $12.07 and its 200-day moving average price is $11.00.

AeroCentury Corp. (NYSEMKT:ACY) last released its earnings results on Thursday, August 10th. The financial services provider reported $0.25 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.25. AeroCentury Corp. had a return on equity of 3.50% and a net margin of 4.32%. The firm had revenue of $7.11 million for the quarter, compared to the consensus estimate of $7.84 million. On average, equities analysts predict that AeroCentury Corp. will post $1.77 earnings per share for the current fiscal year.

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A hedge fund recently raised its stake in AeroCentury Corp. stock. Renaissance Technologies LLC boosted its stake in AeroCentury Corp. (NYSEMKT:ACY) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,700 shares of the financial services provider’s stock after buying an additional 400 shares during the period. Renaissance Technologies LLC owned approximately 1.07% of AeroCentury Corp. worth $158,000 as of its most recent SEC filing.

About AeroCentury Corp.

AeroCentury Corp. acquires used regional aircraft and aircraft engines for lease to regional carriers all over the world. The Company’s segment is leasing of regional aircraft to foreign and domestic regional airlines. The business of the Company is managed by JetFleet Management Corp. (JMC), an integrated aircraft management, marketing and financing business.

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