Air Lease Corp. (AL) Shares Up 1.3%
Air Lease Corp. (NYSE:AL) shot up 1.3% during trading on Wednesday . The company traded as high as $27.84 and last traded at $27.81, with a volume of 882,165 shares. The stock had previously closed at $27.44.
A number of research firms recently commented on AL. Zacks Investment Research cut shares of Air Lease Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 10th. FBR & Co lowered their price target on shares of Air Lease Corp. from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Friday, August 5th. TheStreet cut shares of Air Lease Corp. from a “buy” rating to a “hold” rating in a report on Monday, June 13th. Morgan Stanley reaffirmed a “buy” rating on shares of Air Lease Corp. in a report on Sunday, May 22nd. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Air Lease Corp. in a report on Friday, May 20th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $43.95.
The stock has a market capitalization of $2.88 billion and a PE ratio of 8.88. The company’s 50-day moving average price is $28.00 and its 200-day moving average price is $29.15.
Air Lease Corp. (NYSE:AL) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.02. During the same quarter in the previous year, the business posted $0.70 earnings per share. The business earned $350.10 million during the quarter, compared to the consensus estimate of $349.19 million. The firm’s revenue was up 14.9% on a year-over-year basis. Equities research analysts anticipate that Air Lease Corp. will post $3.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Monday, September 12th will be given a $0.05 dividend. The ex-dividend date is Thursday, September 8th. This represents a $0.20 annualized dividend and a yield of 0.72%.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Air Lease Corp. by 11.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,148,255 shares of the company’s stock valued at $71,923,000 after buying an additional 213,325 shares during the last quarter. Pacific Alternative Asset Management Company LLC increased its position in Air Lease Corp. by 65.0% in the fourth quarter. Pacific Alternative Asset Management Company LLC now owns 118,125 shares of the company’s stock valued at $3,955,000 after buying an additional 46,525 shares during the last quarter. Pear Tree Advisors Inc. acquired a new position in Air Lease Corp. during the fourth quarter valued at $1,467,000. Finally, Rhumbline Advisers increased its position in Air Lease Corp. by 2.0% in the fourth quarter. Rhumbline Advisers now owns 69,213 shares of the company’s stock valued at $2,317,000 after buying an additional 1,375 shares during the last quarter.
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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