Zacks Investment Research Upgrades Air Lease Corporation (AL) to “Hold”
Air Lease Corporation (NYSE:AL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
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. “
AL has been the topic of several other research reports. ValuEngine upgraded shares of Air Lease Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. FBR & Co decreased their price target on shares of Air Lease Corporation from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, May 5th. Morgan Stanley boosted their price target on shares of Air Lease Corporation from $40.00 to $42.00 in a research note on Tuesday, July 4th. Barclays PLC assumed coverage on shares of Air Lease Corporation in a research note on Monday. They issued an “overweight” rating and a $48.00 price target on the stock. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of Air Lease Corporation in a research note on Friday, May 5th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $44.86.
Air Lease Corporation (NYSE AL) traded up 1.58% during trading on Monday, reaching $38.67. The company’s stock had a trading volume of 705,284 shares. The stock’s 50 day moving average is $37.43 and its 200 day moving average is $37.25. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 11.52 and a beta of 1.78. Air Lease Corporation has a 12 month low of $26.27 and a 12 month high of $40.24.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 11th. Stockholders of record on Wednesday, June 14th will be issued a $0.075 dividend. The ex-dividend date is Monday, June 12th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.78%. Air Lease Corporation’s dividend payout ratio (DPR) is presently 8.90%.
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In other news, EVP Grant A. Levy sold 27,854 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $38.16, for a total value of $1,062,908.64. Following the sale, the executive vice president now directly owns 210,824 shares in the company, valued at approximately $8,045,043.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kishore Korde sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $38.00, for a total transaction of $76,000.00. Following the completion of the sale, the executive vice president now owns 86,410 shares in the company, valued at $3,283,580. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,854 shares of company stock worth $1,214,909. Insiders own 9.76% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Israel Discount Bank of New York acquired a new stake in Air Lease Corporation during the first quarter worth $100,000. Bank of Montreal Can increased its position in shares of Air Lease Corporation by 0.9% in the first quarter. Bank of Montreal Can now owns 3,856 shares of the transportation company’s stock valued at $150,000 after buying an additional 35 shares during the last quarter. Penserra Capital Management LLC increased its position in shares of Air Lease Corporation by 674.8% in the first quarter. Penserra Capital Management LLC now owns 4,974 shares of the transportation company’s stock valued at $192,000 after buying an additional 4,332 shares during the last quarter. LLBH Private Wealth Management LLC purchased a new position in shares of Air Lease Corporation during the first quarter valued at approximately $201,000. Finally, Janus Capital Management LLC purchased a new position in shares of Air Lease Corporation during the fourth quarter valued at approximately $209,000. Hedge funds and other institutional investors own 92.10% of the company’s stock.
About Air Lease Corporation
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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