Fly Leasing Ltd (FLY) Rating Lowered to Hold at Zacks Investment Research
Fly Leasing Ltd (NYSE:FLY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Friday.
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. “
A number of other research firms also recently weighed in on FLY. Compass Point started coverage on shares of Fly Leasing in a research note on Wednesday, January 4th. They set a “neutral” rating and a $16.50 price target on the stock. Royal Bank of Canada reiterated a “buy” rating and set a $24.00 price target on shares of Fly Leasing in a research note on Friday, January 6th. Bank of America Corp set a $16.00 price target on shares of Fly Leasing and gave the stock a “hold” rating in a research note on Saturday, November 19th. Finally, TheStreet downgraded shares of Fly Leasing from a “c” rating to a “d” rating in a research note on Thursday, March 9th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Fly Leasing currently has an average rating of “Buy” and a consensus target price of $17.21.
Fly Leasing (NYSE:FLY) opened at 13.36 on Friday. Fly Leasing has a 1-year low of $9.54 and a 1-year high of $14.45. The firm’s 50-day moving average is $13.77 and its 200 day moving average is $13.08. The firm’s market cap is $430.94 million.
Fly Leasing (NYSE:FLY) last posted its quarterly earnings results on Thursday, March 9th. The company reported ($1.98) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by $2.55. Fly Leasing had a return on equity of 17.29% and a net margin of 16.48%. The business had revenue of $100.60 million for the quarter, compared to analyst estimates of $95.77 million. During the same quarter in the prior year, the firm earned $1.54 EPS. The firm’s quarterly revenue was down 18.6% on a year-over-year basis. On average, equities analysts forecast that Fly Leasing will post $1.78 earnings per share for the current fiscal year.
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Several large investors have recently modified their holdings of FLY. Telemus Capital LLC purchased a new stake in shares of Fly Leasing during the third quarter valued at approximately $116,000. GSA Capital Partners LLP increased its stake in shares of Fly Leasing by 38.5% in the fourth quarter. GSA Capital Partners LLP now owns 16,561 shares of the company’s stock valued at $220,000 after buying an additional 4,600 shares in the last quarter. Joel Isaacson & Co. LLC purchased a new stake in shares of Fly Leasing during the third quarter valued at approximately $232,000. Renaissance Group LLC increased its stake in shares of Fly Leasing by 9.2% in the fourth quarter. Renaissance Group LLC now owns 26,418 shares of the company’s stock valued at $351,000 after buying an additional 2,232 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Fly Leasing by 3.0% in the fourth quarter. State Street Corp now owns 33,992 shares of the company’s stock valued at $451,000 after buying an additional 986 shares in the last quarter. Institutional investors own 52.70% of the company’s stock.
Fly Leasing Company Profile
Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines. The Company operates through aircraft leasing segment. 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.
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