Zacks Investment Research cut shares of Air Lease (NYSE:AL) from a buy rating to a hold rating in a report published on Wednesday morning.
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. “
Several other analysts have also recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of Air Lease from $79.00 to $80.00 and gave the stock a top pick rating in a research report on Friday, September 29th. Bank of America set a $47.00 price target on shares of Air Lease and gave the stock a hold rating in a research report on Thursday, October 19th. Citigroup began coverage on shares of Air Lease in a research note on Friday, December 8th. They set a neutral rating and a $46.00 target price on the stock. UBS Group upped their target price on shares of Air Lease from $30.00 to $31.00 and gave the stock a sell rating in a research note on Friday, November 10th. Finally, Credit Suisse Group upped their target price on shares of Air Lease from $44.00 to $46.00 and gave the stock an outperform rating in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Air Lease currently has a consensus rating of Hold and an average target price of $49.40.
Shares of Air Lease (NYSE:AL) traded up $0.33 on Wednesday, hitting $50.13. 490,325 shares of the stock traded hands, compared to its average volume of 745,015. The firm has a market capitalization of $5,180.00, a PE ratio of 14.41, a PEG ratio of 1.25 and a beta of 1.81. Air Lease has a 1-year low of $34.42 and a 1-year high of $50.21. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.06 and a quick ratio of 1.06.
Air Lease (NYSE:AL) last issued its quarterly earnings results on Thursday, November 9th. The transportation company reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.03. The business had revenue of $376.77 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned $1.43 earnings per share. equities research analysts forecast that Air Lease will post 3.44 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, January 4th. Investors of record on Thursday, December 14th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.80%. This is a positive change from Air Lease’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, December 13th. Air Lease’s dividend payout ratio is presently 11.49%.
In other Air Lease news, CEO John L. Plueger sold 300,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $41.34, for a total value of $12,402,000.00. Following the transaction, the chief executive officer now directly owns 1,057,310 shares in the company, valued at $43,709,195.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jie Chen sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were 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 have sold 379,000 shares of company stock worth $15,939,110 over the last 90 days. Insiders own 9.76% of the company’s stock.
A number of institutional investors have recently made changes to their positions in AL. Fiduciary Trust Co. acquired a new stake in shares of Air Lease in the second quarter valued at approximately $111,000. Zions Bancorporation acquired a new stake in shares of Air Lease in the third quarter valued at approximately $114,000. QS Investors LLC boosted its holdings in shares of Air Lease by 0.6% in the second quarter. QS Investors LLC now owns 3,464 shares of the transportation company’s stock valued at $129,000 after acquiring an additional 21 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Air Lease by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,599 shares of the transportation company’s stock valued at $134,000 after acquiring an additional 331 shares during the period. Finally, Sciencast Management LP acquired a new stake in shares of Air Lease in the second quarter valued at approximately $235,000. Institutional investors own 91.83% of the company’s stock.
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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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