Air Lease Corp (AL) to Issue Quarterly Dividend of $0.10 on January 4th
Air Lease Corp (NYSE:AL) declared a quarterly dividend on Friday, November 10th, Wall Street Journal reports. Investors of record on Thursday, December 14th will be given a dividend of 0.10 per share by the transportation company on Thursday, January 4th. This represents a $0.40 annualized dividend and a yield of 0.91%. The ex-dividend date is Wednesday, December 13th. This is a boost from Air Lease’s previous quarterly dividend of $0.08.
Air Lease has increased its dividend payment by an average of 38.7% per year over the last three years and has raised its dividend every year for the last 3 years. Air Lease has a dividend payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Air Lease to earn $3.94 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 10.2%.
Air Lease (NYSE AL) opened at $43.75 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 2.53. Air Lease has a 1 year low of $34.21 and a 1 year high of $45.15. The firm has a market cap of $4,530.18, a P/E ratio of 12.57, a P/E/G ratio of 1.32 and a beta of 1.82.
In other news, EVP Grant A. Levy sold 10,000 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $43.88, for a total value of $438,800.00. Following the sale, the executive vice president now directly owns 163,824 shares of the company’s stock, valued at approximately $7,188,597.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jie Chen sold 4,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $43.00, for a total transaction of $172,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,000 shares of company stock valued at $13,489,290. Company insiders own 9.76% of the company’s stock.
Several analysts have commented on AL shares. Royal Bank of Canada reiterated a “buy” rating and set a $80.00 target price on shares of Air Lease in a research report on Thursday, November 2nd. ValuEngine cut shares of Air Lease from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research raised shares of Air Lease from a “sell” rating to a “hold” rating in a report on Wednesday, November 15th. Bank of America set a $47.00 price target on shares of Air Lease and gave the company a “hold” rating in a report on Thursday, October 19th. Finally, Citigroup initiated coverage on shares of Air Lease in a report on Friday. They issued a “neutral” rating and a $46.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $48.50.
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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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