Royal Bank Of Canada Increases Air Lease Corporation (AL) Price Target to $80.00
Air Lease Corporation (NYSE:AL) had its price objective increased by Royal Bank Of Canada from $79.00 to $80.00 in a report released on Friday, MarketBeat Ratings reports. They currently have a top pick rating on the transportation company’s stock.
A number of other research firms also recently issued reports on AL. 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. Barclays PLC initiated coverage on Air Lease Corporation in a report on Monday, July 10th. They set an overweight rating and a $48.00 target price for the company. Bank of America Corporation lowered Air Lease Corporation from a buy rating to a neutral rating and set a $44.00 target price for the company. in a report on Wednesday, August 9th. Morgan Stanley increased their target price on Air Lease Corporation from $40.00 to $42.00 in a research report on Tuesday, July 4th. Finally, BidaskClub downgraded Air Lease Corporation from a buy rating to a hold rating in a report on Friday, August 11th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Air Lease Corporation presently has a consensus rating of Buy and an average target price of $49.11.
Air Lease Corporation (NYSE AL) opened at 43.29 on Friday. Air Lease Corporation has a one year low of $27.97 and a one year high of $43.86. The company has a market capitalization of $4.47 billion, a P/E ratio of 12.61 and a beta of 1.79. The stock’s 50 day moving average price is $40.21 and its 200 day moving average price is $38.62.
Air Lease Corporation (NYSE:AL) last issued its earnings results on Thursday, August 3rd. The transportation company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.08. The company 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 firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.39 EPS. Equities analysts anticipate that Air Lease Corporation will post $3.45 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Wednesday, September 13th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Tuesday, September 12th. Air Lease Corporation’s dividend payout ratio is currently 8.70%.
In related news, EVP Alex A. Khatibi sold 11,000 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $40.00, for a total value of $440,000.00. Following the completion of the transaction, the executive vice president now directly owns 142,786 shares of the company’s stock, valued at approximately $5,711,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marc H. Baer sold 7,562 shares of the 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 completion of the transaction, the executive vice president now directly owns 132,001 shares of the company’s stock, valued at $5,243,079.72. The disclosure for this sale can be found here. In the last three months, insiders sold 28,562 shares of company stock valued at $1,170,363. Corporate insiders own 9.76% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in AL. BlackRock Inc. increased its stake in Air Lease Corporation by 14,924.1% during the 1st quarter. BlackRock Inc. now owns 3,851,727 shares of the transportation company’s stock valued at $149,254,000 after purchasing an additional 3,826,090 shares in the last quarter. Boston Partners grew its holdings in shares of Air Lease Corporation by 70.7% during the second quarter. Boston Partners now owns 8,494,727 shares of the transportation company’s stock valued at $317,363,000 after buying an additional 3,519,693 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Air Lease Corporation by 4.1% during the first quarter. Vanguard Group Inc. now owns 7,454,231 shares of the transportation company’s stock valued at $288,852,000 after buying an additional 294,544 shares during the last quarter. EJF Capital LLC purchased a new stake in shares of Air Lease Corporation during the first quarter valued at $8,126,000. Finally, Cedar Hill Associates LLC purchased a new stake in shares of Air Lease Corporation during the second quarter valued at $7,768,000. 92.11% of the stock is currently owned by institutional investors.
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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