Credit Suisse AG Sells 17,081 Shares of Air Lease Corporation (NYSE:AL)
Credit Suisse AG decreased its position in Air Lease Corporation (NYSE:AL) by 20.4% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 66,705 shares of the transportation company’s stock after selling 17,081 shares during the period. Credit Suisse AG owned about 0.06% of Air Lease Corporation worth $2,585,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of AL. Israel Discount Bank of New York bought a new position in shares of Air Lease Corporation during the first quarter worth approximately $100,000. Bank of Montreal Can boosted its position in shares of Air Lease Corporation by 0.9% in the first quarter. Bank of Montreal Can now owns 3,856 shares of the transportation company’s stock worth $150,000 after buying an additional 35 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of Air Lease Corporation by 674.8% in the first quarter. Penserra Capital Management LLC now owns 4,974 shares of the transportation company’s stock worth $192,000 after buying an additional 4,332 shares in the last quarter. Connable Office Inc. bought a new position in shares of Air Lease Corporation during the first quarter worth approximately $213,000. Finally, Chesley Taft & Associates LLC bought a new position in shares of Air Lease Corporation during the first quarter worth approximately $314,000. Institutional investors own 92.09% of the company’s stock.
Shares of Air Lease Corporation (NYSE AL) traded up 6.59% during mid-day trading on Friday, hitting $42.56. The stock had a trading volume of 1,965,399 shares. The company has a market cap of $4.39 billion, a PE ratio of 12.67 and a beta of 1.78. The firm’s 50 day moving average price is $38.43 and its 200-day moving average price is $37.86. Air Lease Corporation has a one year low of $27.05 and a one year high of $42.57.
Air Lease Corporation (NYSE:AL) last released its quarterly earnings results on Thursday, August 3rd. The transportation company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.08. Air Lease Corporation had a net margin of 25.64% and a return on equity of 11.14%. The company had revenue of $380.59 million during the quarter, compared to analysts’ expectations of $375.14 million. During the same period in the prior year, the company earned $1.39 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Air Lease Corporation will post $3.42 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Wednesday, September 13th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Tuesday, September 12th. Air Lease Corporation’s dividend payout ratio (DPR) is 8.70%.
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A number of research analysts have commented on the company. Cowen and Company boosted their price objective on Air Lease Corporation from $41.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday. Morgan Stanley boosted their price objective on Air Lease Corporation from $40.00 to $42.00 in a research note on Tuesday, July 4th. ValuEngine upgraded Air Lease Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Barclays PLC assumed coverage on Air Lease Corporation in a research note on Monday, July 10th. They set an “overweight” rating and a $48.00 price objective on the stock. Finally, Zacks Investment Research upgraded Air Lease Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Air Lease Corporation presently has a consensus rating of “Buy” and a consensus price target of $45.43.
In other Air Lease Corporation news, EVP Grant A. Levy sold 27,854 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $38.16, for a total transaction of $1,062,908.64. Following the completion of the sale, the executive vice president now directly owns 210,824 shares in the company, valued at $8,045,043.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kishore Korde sold 2,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $38.00, for a total transaction of $76,000.00. Following the sale, the executive vice president now owns 86,410 shares of the company’s stock, valued at $3,283,580. The disclosure for this sale can be found here. 9.76% of the stock is owned by corporate insiders.
Air Lease Corporation Company Profile
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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