Sapience Investments LLC lowered its position in Air Lease Corp (NYSE:AL) by 26.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 184,235 shares of the transportation company’s stock after selling 66,750 shares during the period. Sapience Investments LLC owned approximately 0.18% of Air Lease worth $8,860,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BB&T Securities LLC boosted its position in Air Lease by 45.1% in the third quarter. BB&T Securities LLC now owns 13,156 shares of the transportation company’s stock valued at $560,000 after buying an additional 4,090 shares during the last quarter. Prudential Financial Inc. boosted its position in Air Lease by 18.9% in the third quarter. Prudential Financial Inc. now owns 255,979 shares of the transportation company’s stock valued at $10,910,000 after buying an additional 40,769 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Air Lease in the fourth quarter valued at approximately $287,000. Opera Trading Capital boosted its position in Air Lease by 8.5% in the third quarter. Opera Trading Capital now owns 123,809 shares of the transportation company’s stock valued at $5,277,000 after buying an additional 9,709 shares during the last quarter. Finally, Zweig DiMenna Associates LLC boosted its position in Air Lease by 90.4% in the third quarter. Zweig DiMenna Associates LLC now owns 156,913 shares of the transportation company’s stock valued at $6,688,000 after buying an additional 74,500 shares during the last quarter. Hedge funds and other institutional investors own 90.32% of the company’s stock.
Shares of Air Lease Corp (NYSE AL) opened at $43.88 on Monday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.00 and a quick ratio of 1.00. Air Lease Corp has a 52-week low of $34.42 and a 52-week high of $50.70. The company has a market capitalization of $4,546.92, a P/E ratio of 11.99, a price-to-earnings-growth ratio of 0.67 and a beta of 1.74.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Tuesday, March 20th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.91%. The ex-dividend date is Monday, March 19th. Air Lease’s payout ratio is 5.87%.
A number of brokerages recently commented on AL. Bank of America upgraded Air Lease from a “neutral” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Friday. JPMorgan Chase & Co. upped their target price on Air Lease from $48.00 to $54.50 and gave the company an “overweight” rating in a research report on Tuesday, March 6th. Citigroup restated a “hold” rating and issued a $49.00 price objective on shares of Air Lease in a research report on Wednesday, February 28th. Credit Suisse Group restated an “outperform” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Air Lease in a research report on Friday, February 23rd. Finally, Zacks Investment Research upgraded Air Lease from a “sell” rating to a “hold” rating in a research report on Wednesday, November 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $52.05.
In other news, Chairman Steven F. Udvar-Hazy sold 9,150 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $43.25, for a total transaction of $395,737.50. Following the completion of the transaction, the chairman now directly owns 926,962 shares of the company’s stock, valued at approximately $40,091,106.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kishore Korde sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $44.99, for a total value of $89,980.00. Following the transaction, the executive vice president now directly owns 82,410 shares of the company’s stock, valued at $3,707,625.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 78,150 shares of company stock valued at $3,532,648. Corporate insiders own 9.76% 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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