Air Lease Corp (AL) Stake Lessened by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its stake in shares of Air Lease Corp (NYSE:AL) by 0.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 559,516 shares of the transportation company’s stock after selling 4,118 shares during the quarter. Bank of New York Mellon Corp owned 0.54% of Air Lease worth $23,847,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. SLS Management LLC acquired a new position in Air Lease during the second quarter worth about $1,535,000. Nationwide Fund Advisors grew its position in Air Lease by 45.4% during the second quarter. Nationwide Fund Advisors now owns 33,684 shares of the transportation company’s stock worth $1,258,000 after buying an additional 10,517 shares during the period. Prudential Financial Inc. grew its position in Air Lease by 18.9% during the third quarter. Prudential Financial Inc. now owns 255,979 shares of the transportation company’s stock worth $10,910,000 after buying an additional 40,769 shares during the period. NGAM Advisors L.P. grew its position in Air Lease by 2.4% during the second quarter. NGAM Advisors L.P. now owns 18,717 shares of the transportation company’s stock worth $699,000 after buying an additional 447 shares during the period. Finally, Zweig DiMenna Associates LLC grew its position in Air Lease by 90.4% during the third quarter. Zweig DiMenna Associates LLC now owns 156,913 shares of the transportation company’s stock worth $6,688,000 after buying an additional 74,500 shares during the period. Institutional investors own 91.87% of the company’s stock.
Air Lease Corp (NYSE AL) opened at $44.73 on Friday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market cap of $4,654.06, a P/E ratio of 12.92, a P/E/G ratio of 1.36 and a beta of 1.82. Air Lease Corp has a one year low of $34.21 and a one year high of $45.23.
Air Lease (NYSE:AL) last announced its quarterly earnings data on Thursday, November 9th. The transportation company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.03. The business had revenue of $376.77 million for the quarter, compared to the consensus estimate of $374.61 million. Air Lease had a net margin of 25.67% and a return on equity of 10.87%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.43 earnings per share. research analysts forecast that Air Lease Corp will post 3.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 4th. Investors of record on Thursday, December 14th will be paid a dividend of $0.10 per share. This is an increase from Air Lease’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, December 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.89%. Air Lease’s dividend payout ratio is presently 8.60%.
Several research firms have recently commented on AL. Zacks Investment Research upgraded shares of Air Lease from a “sell” rating to a “hold” rating in a research report on Wednesday, November 15th. Royal Bank of Canada increased their price target on shares of Air Lease from $79.00 to $80.00 and gave the company a “top pick” rating in a research report on Friday, September 29th. Bank of America set a $47.00 price target on shares of Air Lease and gave the company a “hold” rating in a research report on Thursday, October 19th. Cowen increased their price target on shares of Air Lease from $45.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, November 10th. Finally, Credit Suisse Group increased their price target on shares of Air Lease from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $48.50.
In other Air Lease news, CEO John L. Plueger sold 300,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $41.34, for a total transaction of $12,402,000.00. Following the transaction, the chief executive officer now owns 1,057,310 shares of the company’s stock, valued at $43,709,195.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Grant A. Levy sold 10,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $43.88, for a total transaction of $438,800.00. Following the transaction, the executive vice president now directly owns 163,824 shares in the company, valued at approximately $7,188,597.12. The disclosure for this sale can be found here. Insiders have sold 325,000 shares of company stock worth $13,489,290 in the last three months. Insiders own 9.76% of the company’s stock.
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Air Lease 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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