Zacks Investment Research Upgrades Fly Leasing Limited (FLY) to “Hold”
Fly Leasing Limited (NYSE:FLY) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Fly Leasing Limited, formerly known as Babcock & Brown Air Limited, is engaged in acquiring and leasing modern, high-demand and fuel-efficient commercial jet aircraft under long-term contracts to a diverse group of airlines throughout the world. The Company’s strategy is to effectively manage its fleet and grow its portfolio through accretive acquisitions of aircraft. FLY Leasing is managed and serviced by BBAM L.P., an aircraft leasing company. BBAM acts as manager of FLY Leasing and servicer of the aircraft portfolio under multi-year management and servicing agreements. In addition to arranging for the leasing of the fleet, BBAM assists in the acquiring and disposing of aircraft, marketeering aircraft for lease and release, collecting rents and other payments from the lessees of aircraft, monitoring maintenance, insurance and other obligations under leases, and enforcing FLY Leasing’s rights against lessees. BBAM is an independent company. FLY Leasing Limited is headquartered in Dublin, Ireland. “
Other equities analysts have also issued reports about the company. Compass Point reiterated a “buy” rating and set a $19.00 price objective (up from $17.00) on shares of Fly Leasing Limited in a research report on Tuesday, October 3rd. Cowen and Company restated a “buy” rating and set a $16.00 target price on shares of Fly Leasing Limited in a report on Tuesday, September 19th. ValuEngine cut Fly Leasing Limited from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub cut Fly Leasing Limited from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $18.00.
WARNING: This report was first published by American Banking News and is the sole property of of American Banking News. If you are viewing this report on another domain, it was stolen and reposted in violation of US & international trademark and copyright law. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/11/22/zacks-investment-research-upgrades-fly-leasing-limited-fly-to-hold.html.
A number of hedge funds have recently modified their holdings of the stock. California Public Employees Retirement System boosted its holdings in Fly Leasing Limited by 10.0% during the 3rd quarter. California Public Employees Retirement System now owns 111,778 shares of the transportation company’s stock valued at $1,567,000 after acquiring an additional 10,178 shares during the period. Point72 Asset Management L.P. boosted its holdings in Fly Leasing Limited by 2.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 292,338 shares of the transportation company’s stock valued at $4,099,000 after acquiring an additional 8,190 shares during the period. Uniplan Investment Counsel Inc. boosted its holdings in Fly Leasing Limited by 6.5% during the 3rd quarter. Uniplan Investment Counsel Inc. now owns 545,990 shares of the transportation company’s stock valued at $7,654,000 after acquiring an additional 33,231 shares during the period. Allianz Asset Management GmbH boosted its holdings in Fly Leasing Limited by 27.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 22,481 shares of the transportation company’s stock valued at $315,000 after acquiring an additional 4,798 shares during the period. Finally, OxFORD Asset Management LLP purchased a new stake in Fly Leasing Limited during the 3rd quarter valued at about $706,000. Institutional investors own 44.66% of the company’s stock.
About Fly Leasing Limited
Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines throughout the world. The Company primarily acquires aircraft by entering into purchase and leaseback transactions with airlines for new aircraft; purchasing portfolios, which consists of aircraft of various types and ages, and acquiring individual aircraft.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fly Leasing Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fly Leasing Limited and related companies with MarketBeat.com's FREE daily email newsletter.