Air Lease Corporation (AL) is Provident Investment Management Inc.’s 7th Largest Position
Provident Investment Management Inc. increased its stake in Air Lease Corporation (NYSE:AL) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 746,621 shares of the transportation company’s stock after purchasing an additional 7,657 shares during the period. Air Lease Corporation makes up 5.1% of Provident Investment Management Inc.’s holdings, making the stock its 7th largest position. Provident Investment Management Inc. owned approximately 0.72% of Air Lease Corporation worth $27,894,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in AL. Teachers Advisors LLC boosted its stake in Air Lease Corporation by 1.9% in the 4th quarter. Teachers Advisors LLC now owns 96,734 shares of the transportation company’s stock worth $3,321,000 after purchasing an additional 1,850 shares during the period. Bank of Montreal Can boosted its stake in Air Lease Corporation by 0.9% in the 1st quarter. Bank of Montreal Can now owns 3,856 shares of the transportation company’s stock worth $150,000 after purchasing an additional 35 shares during the period. Nationwide Fund Advisors boosted its stake in Air Lease Corporation by 49.6% in the 1st quarter. Nationwide Fund Advisors now owns 23,167 shares of the transportation company’s stock worth $898,000 after purchasing an additional 7,682 shares during the period. BB&T Corp boosted its stake in Air Lease Corporation by 7.4% in the 1st quarter. BB&T Corp now owns 24,729 shares of the transportation company’s stock worth $959,000 after purchasing an additional 1,694 shares during the period. Finally, LSV Asset Management boosted its stake in Air Lease Corporation by 797.6% in the 1st quarter. LSV Asset Management now owns 81,683 shares of the transportation company’s stock worth $3,165,000 after purchasing an additional 72,583 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.
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In related news, EVP Jie Chen sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $43.00, for a total transaction of $430,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Marc H. Baer sold 7,562 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $39.72, for a total transaction of $300,362.64. Following the sale, the executive vice president now owns 132,001 shares in the company, valued at $5,243,079.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,416 shares of company stock worth $1,793,271. Corporate insiders own 9.76% of the company’s stock.
Shares of Air Lease Corporation (NYSE:AL) traded up 0.392% during midday trading on Wednesday, reaching $39.685. 49,562 shares of the company traded hands. The firm has a market capitalization of $4.10 billion, a PE ratio of 11.556 and a beta of 1.77. The company has a 50-day moving average of $40.04 and a 200 day moving average of $38.42. Air Lease Corporation has a 12-month low of $27.05 and a 12-month high of $43.39.
Air Lease Corporation (NYSE:AL) last released its earnings results on Thursday, August 3rd. The transportation company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.08. The firm had revenue of $380.59 million for the quarter, compared to analysts’ expectations of $375.14 million. Air Lease Corporation had a net margin of 25.64% and a return on equity of 10.99%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.39 earnings per share. On average, equities analysts forecast that Air Lease Corporation will post $3.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Wednesday, September 13th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend is Tuesday, September 12th. Air Lease Corporation’s payout ratio is 8.70%.
A number of equities analysts have recently commented on AL shares. Morgan Stanley increased their price objective on shares of Air Lease Corporation from $40.00 to $42.00 in a research note on Tuesday, July 4th. Royal Bank Of Canada restated a “buy” rating on shares of Air Lease Corporation in a research note on Monday, May 15th. BidaskClub upgraded shares of Air Lease Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research upgraded shares of Air Lease Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Finally, Bank of America Corporation downgraded shares of Air Lease Corporation from a “buy” rating to a “neutral” rating and set a $44.00 price objective for the company. in a research note on Wednesday, August 9th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $45.25.
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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