Fly Leasing Ltd (FLY) Downgraded by Zacks Investment Research to Hold
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. “
Several other brokerages have also recently commented on FLY. Compass Point started coverage on shares of Fly Leasing in a research report on Wednesday, January 4th. They set a neutral rating and a $16.50 price target on the stock. Royal Bank of Canada reissued a buy rating and set a $24.00 price target on shares of Fly Leasing in a research report 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 report on Saturday, November 19th. Finally, TheStreet cut shares of Fly Leasing from a c rating to a d rating in a research report on Thursday, March 9th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $17.21.
Fly Leasing (NYSE:FLY) traded down 1.12% during midday trading on Friday, reaching $13.30. The company had a trading volume of 78,246 shares. Fly Leasing has a one year low of $9.54 and a one year high of $14.45. The stock’s 50 day moving average price is $13.77 and its 200-day moving average price is $13.08. The firm’s market capitalization is $429.00 million.
Fly Leasing (NYSE:FLY) last issued its quarterly earnings results on Thursday, March 9th. The company reported ($1.98) EPS for the quarter, missing the 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 the consensus estimate of $95.77 million. During the same period last year, the firm earned $1.54 earnings per share. The company’s quarterly revenue was down 18.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fly Leasing will post $1.78 earnings per share for the current year.
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Several large investors have recently modified their holdings of FLY. Adirondack Research & Management Inc. boosted its stake in shares of Fly Leasing by 1.5% in the third quarter. Adirondack Research & Management Inc. now owns 605,154 shares of the company’s stock worth $7,014,000 after buying an additional 8,900 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its stake in shares of Fly Leasing by 10.9% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 277,937 shares of the company’s stock worth $3,221,000 after buying an additional 27,332 shares during the last quarter. Trent Capital Management Inc. NC purchased a new stake in shares of Fly Leasing during the fourth quarter worth about $3,315,000. Acadian Asset Management LLC purchased a new stake in shares of Fly Leasing during the third quarter worth about $2,110,000. Finally, Bank of Montreal Can boosted its stake in shares of Fly Leasing by 2.2% in the third quarter. Bank of Montreal Can now owns 140,226 shares of the company’s stock worth $1,625,000 after buying an additional 2,990 shares during the last quarter. 52.70% of the stock is currently owned by institutional investors.
About Fly Leasing
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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