Brokerages Set Air Lease Corporation (AL) Price Target at $45.43
Air Lease Corporation (NYSE:AL) has received a consensus rating of “Buy” from the twelve ratings firms that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $45.43.
Several research analysts recently weighed in on AL shares. Zacks Investment Research downgraded shares of Air Lease Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, May 30th. ValuEngine upgraded shares of Air Lease Corporation from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Morgan Stanley upped their price objective on shares of Air Lease Corporation from $40.00 to $42.00 in a research note on Tuesday, July 4th. Barclays PLC initiated coverage on shares of Air Lease Corporation in a research note on Monday, July 10th. They set an “overweight” rating and a $48.00 price objective for the company. Finally, BidaskClub raised shares of Air Lease Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th.
Shares of Air Lease Corporation (NYSE:AL) traded up 1.95% on Friday, hitting $40.68. The stock had a trading volume of 405,430 shares. The firm’s 50-day moving average price is $40.03 and its 200 day moving average price is $38.45. Air Lease Corporation has a 12 month low of $27.05 and a 12 month high of $43.39. The firm has a market cap of $4.20 billion, a P/E ratio of 11.85 and a beta of 1.77.
Air Lease Corporation (NYSE:AL) last released its quarterly earnings results on Thursday, August 3rd. The transportation company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.08. Air Lease Corporation had a net margin of 25.64% and a return on equity of 10.99%. The firm had revenue of $380.59 million during the quarter, compared to the consensus estimate of $375.14 million. During the same quarter in the prior year, the firm earned $1.39 EPS. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts anticipate that Air Lease Corporation will post $3.45 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Wednesday, September 13th will be paid a dividend of $0.075 per share. The ex-dividend date is Tuesday, September 12th. This represents a $0.30 annualized dividend and a yield of 0.74%. Air Lease Corporation’s dividend payout ratio is presently 8.70%.
In other news, EVP Marc H. Baer sold 7,562 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $39.72, for a total value of $300,362.64. Following the completion of the sale, the executive vice president now owns 132,001 shares of the company’s stock, valued at approximately $5,243,079.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jie Chen sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $43.00, for a total transaction of $430,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,562 shares of company stock valued at $1,170,363. 9.76% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Artisan Partners Limited Partnership grew its stake in shares of Air Lease Corporation by 1.7% in the 1st quarter. Artisan Partners Limited Partnership now owns 9,059,266 shares of the transportation company’s stock valued at $351,047,000 after buying an additional 154,423 shares during the period. Boston Partners grew its stake in shares of Air Lease Corporation by 70.7% in the 2nd quarter. Boston Partners now owns 8,494,727 shares of the transportation company’s stock valued at $317,363,000 after buying an additional 3,519,693 shares during the period. Vanguard Group Inc. grew its stake in shares of Air Lease Corporation by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,550,212 shares of the transportation company’s stock valued at $282,076,000 after buying an additional 95,981 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Air Lease Corporation by 4.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,591,941 shares of the transportation company’s stock valued at $177,938,000 after buying an additional 197,806 shares during the period. Finally, Capital Research Global Investors grew its stake in shares of Air Lease Corporation by 3.3% in the 2nd quarter. Capital Research Global Investors now owns 4,208,000 shares of the transportation company’s stock valued at $157,211,000 after buying an additional 136,000 shares during the period. 92.11% of the stock is owned by institutional investors and hedge funds.
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About Air Lease Corporation
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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