Wolverine Asset Management LLC Invests $3.11 Million in Air Lease Corporation $AL

Wolverine Asset Management LLC acquired a new position in shares of Air Lease Corporation (NYSE:AL) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 48,867 shares of the transportation company’s stock, valued at approximately $3,110,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Air Lease by 7.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,619,226 shares of the transportation company’s stock valued at $211,797,000 after acquiring an additional 265,423 shares during the last quarter. State Street Corp increased its stake in Air Lease by 0.8% in the second quarter. State Street Corp now owns 3,459,048 shares of the transportation company’s stock valued at $203,084,000 after purchasing an additional 28,227 shares in the last quarter. Bank of America Corp DE increased its stake in Air Lease by 4.1% in the second quarter. Bank of America Corp DE now owns 1,235,262 shares of the transportation company’s stock valued at $72,250,000 after purchasing an additional 48,413 shares in the last quarter. Norges Bank acquired a new stake in Air Lease in the second quarter worth $71,910,000. Finally, Gagnon Securities LLC grew its holdings in shares of Air Lease by 0.7% in the 2nd quarter. Gagnon Securities LLC now owns 736,437 shares of the transportation company’s stock valued at $43,074,000 after buying an additional 5,354 shares during the period. Institutional investors and hedge funds own 94.59% of the company’s stock.

Insider Buying and Selling at Air Lease

In other news, EVP Kishore Korde sold 30,160 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $63.90, for a total transaction of $1,927,224.00. Following the transaction, the executive vice president directly owned 79,263 shares of the company’s stock, valued at approximately $5,064,905.70. This trade represents a 27.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John L. Plueger sold 155,821 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $64.03, for a total value of $9,977,218.63. Following the completion of the sale, the chief executive officer owned 725,941 shares of the company’s stock, valued at approximately $46,482,002.23. This trade represents a 17.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 760,593 shares of company stock worth $48,668,588. 6.64% of the stock is currently owned by company insiders.

Air Lease Price Performance

Shares of NYSE AL opened at $64.32 on Friday. The firm has a market cap of $7.19 billion, a P/E ratio of 7.45, a price-to-earnings-growth ratio of 0.56 and a beta of 1.15. The business’s 50 day moving average is $64.06 and its 200-day moving average is $62.00. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.42. Air Lease Corporation has a 1-year low of $38.25 and a 1-year high of $64.40.

Air Lease (NYSE:AL) last issued its quarterly earnings data on Monday, November 3rd. The transportation company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.13. Air Lease had a return on equity of 7.84% and a net margin of 35.08%.The firm had revenue of $725.39 million for the quarter, compared to analyst estimates of $744.59 million. During the same period in the prior year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. Equities research analysts predict that Air Lease Corporation will post 5.16 earnings per share for the current year.

Air Lease Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Thursday, December 4th were paid a $0.22 dividend. The ex-dividend date was Thursday, December 4th. This represents a $0.88 annualized dividend and a yield of 1.4%. Air Lease’s payout ratio is 10.20%.

Wall Street Analysts Forecast Growth

AL has been the topic of several recent analyst reports. Zacks Research upgraded Air Lease from a “strong sell” rating to a “hold” rating in a report on Monday, January 5th. Weiss Ratings restated a “buy (b)” rating on shares of Air Lease in a report on Wednesday, October 8th. Finally, Barclays reiterated an “equal weight” rating and set a $65.00 price objective (down previously from $68.00) on shares of Air Lease in a research note on Tuesday, January 6th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $59.17.

Air Lease Profile

Air Lease Corporation (NYSE: AL) is a leading aircraft leasing company that acquires commercial jet aircraft and leases them to airlines worldwide. The firm’s core business activities include direct aircraft acquisition, lease management and portfolio remarketing. By structuring sale‐and‐leaseback transactions, operating leases and secured loans, Air Lease provides flexible financing solutions that enable carriers to modernize their fleets without committing large amounts of capital to ownership.

Founded in 2010 and headquartered in Los Angeles, Air Lease Corporation serves a diverse customer base spanning North America, Europe, Asia, Latin America and the Middle East.