Air Lease Corp. (AL) Upgraded to Buy at TheStreet
Air Lease Corp. (NYSE:AL) was upgraded by stock analysts at TheStreet from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.
A number of other brokerages have also commented on AL. FBR & Co increased their price objective on Air Lease Corp. from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, November 22nd. Stephens assumed coverage on Air Lease Corp. in a research report on Tuesday, November 1st. They issued an “overweight” rating and a $48.00 price objective on the stock. Finally, Zacks Investment Research lowered Air Lease Corp. from a “hold” rating to a “sell” rating in a research report on Monday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Air Lease Corp. has an average rating of “Buy” and a consensus target price of $45.94.
Air Lease Corp. (NYSE:AL) traded up 0.73% on Tuesday, reaching $35.86. The company had a trading volume of 538,873 shares. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 10.89 and a beta of 1.54. Air Lease Corp. has a 12 month low of $22.47 and a 12 month high of $36.42. The firm has a 50 day moving average price of $31.95 and a 200-day moving average price of $29.30.
Air Lease Corp. (NYSE:AL) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.04. The business had revenue of $355.10 million for the quarter, compared to analyst estimates of $356.47 million. Air Lease Corp. had a return on equity of 14.83% and a net margin of 26.09%. Air Lease Corp.’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.71 EPS. Analysts forecast that Air Lease Corp. will post $3.42 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 9th. Investors of record on Monday, December 12th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.84%. The ex-dividend date is Thursday, December 8th. This is an increase from Air Lease Corp.’s previous quarterly dividend of $0.05. Air Lease Corp.’s dividend payout ratio (DPR) is presently 6.08%.
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In related news, Director Robert A. Milton sold 30,000 shares of the firm’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $31.73, for a total transaction of $951,900.00. Following the sale, the director now owns 30,889 shares of the company’s stock, valued at approximately $980,107.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.45% of the company’s stock.
A number of hedge funds have recently modified their holdings of AL. Vanguard Group Inc. increased its stake in shares of Air Lease Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 6,884,315 shares of the company’s stock valued at $184,363,000 after buying an additional 274,550 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Air Lease Corp. by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,625,297 shares of the company’s stock valued at $97,082,000 after buying an additional 626,227 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Air Lease Corp. by 6.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,555,844 shares of the company’s stock valued at $73,046,000 after buying an additional 147,648 shares during the last quarter. Boston Partners increased its stake in shares of Air Lease Corp. by 6.3% in the third quarter. Boston Partners now owns 2,274,561 shares of the company’s stock valued at $65,007,000 after buying an additional 134,955 shares during the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in shares of Air Lease Corp. by 9.8% in the third quarter. Douglas Lane & Associates LLC now owns 1,951,455 shares of the company’s stock valued at $55,773,000 after buying an additional 173,597 shares during the last quarter. 90.54% of the stock is currently owned by institutional investors and hedge funds.
About Air Lease Corp.
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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