Zacks Investment Research upgraded shares of Air Lease (NYSE:AL) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $55.00 target price on the transportation company’s stock.
According to Zacks, “Air Lease Corporation is an aircraft leasing company principally engaged in purchasing commercial aircraft and leasing to airlines around the world. The Company provides leasing services in Asia, the Pacific Rim, Latin America, the Middle East and Eastern Europe. Air Lease Corporation is based in Los Angeles, California. “
Other equities analysts have also issued reports about the stock. Royal Bank of Canada reaffirmed a buy rating and set a $80.00 target price on shares of Air Lease in a report on Thursday, November 2nd. Bank of America set a $47.00 target price on shares of Air Lease and gave the company a hold rating in a report on Thursday, October 19th. ValuEngine lowered shares of Air Lease from a buy rating to a hold rating in a report on Friday, December 1st. Citigroup initiated coverage on shares of Air Lease in a report on Friday, December 8th. They set a neutral rating and a $46.00 target price for the company. Finally, Cowen lifted their target price on shares of Air Lease from $45.00 to $54.00 and gave the company an outperform rating in a report on Friday, November 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $49.40.
Air Lease (NYSE:AL) last posted its earnings results on Thursday, November 9th. The transportation company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The firm had revenue of $376.77 million during the quarter, compared to analyst estimates of $374.61 million. Air Lease had a net margin of 25.67% and a return on equity of 10.87%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.43 EPS. equities research analysts forecast that Air Lease will post 3.45 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, January 4th. Investors of record on Thursday, December 14th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, December 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.83%. This is a boost from Air Lease’s previous quarterly dividend of $0.08. Air Lease’s dividend payout ratio (DPR) is currently 11.49%.
In other Air Lease news, EVP Marc H. Baer sold 5,000 shares of Air Lease stock in a transaction on Monday, December 4th. The shares were sold at an average price of $44.13, for a total transaction of $220,650.00. Following the sale, the executive vice president now owns 127,001 shares of the company’s stock, valued at approximately $5,604,554.13. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jie Chen sold 4,000 shares of Air Lease stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $47.96, for a total transaction of $191,840.00. The disclosure for this sale can be found here. Insiders sold a total of 379,000 shares of company stock worth $15,939,110 in the last three months. 9.76% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in AL. Cedar Hill Associates LLC acquired a new stake in Air Lease during the 2nd quarter worth $7,768,000. LSV Asset Management boosted its stake in Air Lease by 225.9% during the 2nd quarter. LSV Asset Management now owns 266,183 shares of the transportation company’s stock worth $9,944,000 after purchasing an additional 184,500 shares during the last quarter. UBS Oconnor LLC acquired a new stake in Air Lease during the 2nd quarter worth $6,818,000. Cobalt Capital Management Inc. boosted its stake in Air Lease by 29.3% during the 2nd quarter. Cobalt Capital Management Inc. now owns 771,629 shares of the transportation company’s stock worth $28,828,000 after purchasing an additional 175,000 shares during the last quarter. Finally, Boston Partners boosted its stake in Air Lease by 2.0% during the 3rd quarter. Boston Partners now owns 8,664,181 shares of the transportation company’s stock worth $369,267,000 after purchasing an additional 169,454 shares during the last quarter. 91.83% of the stock is currently owned by institutional investors.
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About Air Lease
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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