Wells Fargo & Company MN Has $41.57 Million Position in Air Lease Corp (NYSE:AL)
Wells Fargo & Company MN increased its holdings in Air Lease Corp (NYSE:AL) by 54.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,210,056 shares of the transportation company’s stock after purchasing an additional 426,051 shares during the period. Wells Fargo & Company MN’s holdings in Air Lease were worth $41,565,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sageworth Trust Co bought a new position in Air Lease in the 1st quarter worth approximately $26,000. Penserra Capital Management LLC purchased a new stake in shares of Air Lease during the 4th quarter valued at $27,000. First Mercantile Trust Co. raised its position in shares of Air Lease by 41.5% during the 4th quarter. First Mercantile Trust Co. now owns 920 shares of the transportation company’s stock valued at $28,000 after buying an additional 270 shares in the last quarter. Osborn Williams & Donohoe LLC purchased a new position in Air Lease in the 1st quarter worth $38,000. Finally, Berman Capital Advisors LLC purchased a new position in Air Lease in the 4th quarter worth $60,000. 85.92% of the stock is owned by institutional investors.
A number of brokerages 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, May 15th. ValuEngine upgraded shares of Air Lease from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 11th. Finally, Goldman Sachs Group began coverage on shares of Air Lease in a research report on Monday, April 8th. They issued a “buy” rating and a $52.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $55.56.
Air Lease (NYSE:AL) last announced its quarterly earnings results on Thursday, May 9th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.01. The business had revenue of $466.00 million for the quarter, compared to analyst estimates of $456.91 million. Air Lease had a net margin of 30.50% and a return on equity of 11.45%. The company’s revenue was up 22.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 EPS. Sell-side analysts anticipate that Air Lease Corp will post 5.54 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Wednesday, June 5th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Tuesday, June 4th. Air Lease’s dividend payout ratio (DPR) is presently 11.30%.
In other Air Lease news, EVP Marc H. Baer sold 130,000 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $36.80, for a total value of $4,784,000.00. Following the sale, the executive vice president now owns 275,008 shares of the company’s stock, valued at approximately $10,120,294.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John L. Plueger sold 50,671 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $38.59, for a total transaction of $1,955,393.89. Following the completion of the sale, the chief executive officer now directly owns 914,145 shares in the company, valued at approximately $35,276,855.55. The disclosure for this sale can be found here. In the last three months, insiders sold 576,477 shares of company stock worth $21,843,351. Insiders own 8.76% of the company’s stock.
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About Air Lease
Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet transport aircraft to airlines worldwide. The company also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, and airlines.
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