Bank of New York Mellon Corp decreased its stake in shares of Air Lease Corp (NYSE:AL) by 0.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 583,476 shares of the transportation company’s stock after selling 2,936 shares during the quarter. Bank of New York Mellon Corp owned about 0.56% of Air Lease worth $24,489,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. lifted its position in Air Lease by 73.3% during the second quarter. Whittier Trust Co. now owns 5,513 shares of the transportation company’s stock worth $231,000 after buying an additional 2,331 shares in the last quarter. InterOcean Capital LLC purchased a new position in Air Lease during the first quarter worth approximately $256,000. Gideon Capital Advisors Inc. purchased a new position in Air Lease during the first quarter worth approximately $301,000. Ramsey Quantitative Systems lifted its position in Air Lease by 46.3% during the second quarter. Ramsey Quantitative Systems now owns 8,163 shares of the transportation company’s stock worth $343,000 after buying an additional 2,582 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Air Lease during the first quarter worth approximately $379,000. Hedge funds and other institutional investors own 86.62% of the company’s stock.
In other news, EVP Marc H. Baer sold 10,000 shares of Air Lease stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $46.22, for a total value of $462,200.00. Following the completion of the sale, the executive vice president now directly owns 122,891 shares of the company’s stock, valued at $5,680,022.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John D. Poerschke sold 6,000 shares of Air Lease stock in a transaction on Monday, August 27th. The shares were sold at an average price of $46.90, for a total value of $281,400.00. Following the completion of the sale, the executive vice president now directly owns 51,500 shares of the company’s stock, valued at $2,415,350. The disclosure for this sale can be found here. Insiders own 9.32% of the company’s stock.
AL stock opened at $45.13 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 2.53. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.19 and a beta of 1.79. Air Lease Corp has a 52-week low of $39.53 and a 52-week high of $50.70.
Air Lease (NYSE:AL) last posted its earnings results on Thursday, August 9th. The transportation company reported $1.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.04. Air Lease had a return on equity of 10.85% and a net margin of 51.22%. The company had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $400.11 million. During the same quarter last year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. equities research analysts anticipate that Air Lease Corp will post 4.47 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.89%. Air Lease’s payout ratio is presently 10.96%.
Several equities research analysts have issued reports on the company. Zacks Investment Research cut Air Lease from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Citigroup raised their target price on Air Lease from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 15th. ValuEngine raised Air Lease from a “sell” rating to a “hold” rating in a research note on Monday, August 13th. Bank of America reissued a “buy” rating and set a $57.00 target price on shares of Air Lease in a research note on Thursday, August 16th. Finally, Royal Bank of Canada raised their target price on Air Lease from $91.00 to $93.00 and gave the stock a “top pick” rating in a research note on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Air Lease has a consensus rating of “Hold” and a consensus target price of $55.85.
Air Lease Company Profile
Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet transport aircraft to airlines worldwide. The company also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, and airlines.
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