Air Lease Corporation (AL) Cut to Neutral at Bank of America Corporation

Bank of America Corporation cut shares of Air Lease Corporation (NYSE:AL) from a buy rating to a neutral rating in a research note released on Wednesday morning, MarketBeat reports. The brokerage currently has $44.00 price objective on the transportation company’s stock.

A number of other brokerages have also weighed in on AL. Cowen and Company raised their price objective on shares of Air Lease Corporation from $41.00 to $45.00 and gave the company an outperform rating in a report on Friday, August 4th. BidaskClub upgraded shares of Air Lease Corporation from a hold rating to a buy rating in a report on Tuesday, July 11th. Zacks Investment Research upgraded shares of Air Lease Corporation from a sell rating to a hold rating in a report on Monday, July 10th. ValuEngine upgraded shares of Air Lease Corporation from a buy rating to a strong-buy rating in a research note on Saturday, June 10th. Finally, FBR & Co cut their price target on shares of Air Lease Corporation from $47.00 to $45.00 and set an outperform rating on the stock in a research note on Friday, May 5th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $45.25.

Shares of Air Lease Corporation (NYSE AL) traded down 0.25% during trading on Wednesday, hitting $40.01. The stock had a trading volume of 652,386 shares. The stock’s 50 day moving average price is $39.21 and its 200-day moving average price is $38.14. The stock has a market cap of $4.13 billion, a P/E ratio of 11.65 and a beta of 1.78. Air Lease Corporation has a one year low of $27.05 and a one year high of $43.39.

Air Lease Corporation (NYSE:AL) last announced its quarterly earnings data 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. Air Lease Corporation had a net margin of 25.64% and a return on equity of 10.99%. The business had revenue of $380.59 million for the quarter, compared to analyst estimates of $375.14 million. During the same period last year, the business earned $1.39 EPS. The company’s revenue was up 8.7% on a year-over-year basis. Analysts expect that Air Lease Corporation will post $3.46 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was originally posted by Sports Perspectives and is owned by of Sports Perspectives. If you are viewing this report on another site, it was illegally copied and republished in violation of United States and international copyright and trademark laws. The original version of this report can be viewed at https://sportsperspectives.com/2017/08/12/air-lease-corporation-al-cut-to-neutral-at-bank-of-america-corporation.html.

The firm also recently disclosed 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. The ex-dividend date is Tuesday, September 12th. This represents a $0.30 dividend on an annualized basis and a yield of 0.75%. Air Lease Corporation’s dividend payout ratio is presently 8.70%.

In other news, EVP Jie Chen sold 10,000 shares of Air Lease Corporation stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $43.00, for a total value of $430,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Grant A. Levy sold 27,854 shares of Air Lease Corporation stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $38.16, for a total transaction of $1,062,908.64. Following the completion of the sale, the executive vice president now directly owns 210,824 shares in the company, valued at approximately $8,045,043.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,854 shares of company stock worth $1,568,909. 9.76% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of AL. Alps Advisors Inc. increased its stake in shares of Air Lease Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 12,316 shares of the transportation company’s stock valued at $460,000 after buying an additional 32 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Air Lease Corporation by 0.9% in the first quarter. Bank of Montreal Can now owns 3,856 shares of the transportation company’s stock valued at $150,000 after buying an additional 35 shares during the last quarter. Suntrust Banks Inc. increased its stake in shares of Air Lease Corporation by 0.9% in the second quarter. Suntrust Banks Inc. now owns 12,844 shares of the transportation company’s stock valued at $479,000 after buying an additional 119 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Air Lease Corporation by 1.7% in the second quarter. Teacher Retirement System of Texas now owns 7,877 shares of the transportation company’s stock valued at $294,000 after buying an additional 134 shares during the last quarter. Finally, Garrison Bradford & Associates Inc. increased its stake in shares of Air Lease Corporation by 0.9% in the first quarter. Garrison Bradford & Associates Inc. now owns 21,900 shares of the transportation company’s stock valued at $849,000 after buying an additional 200 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Air Lease Corporation (NYSE:AL)

Receive News & Ratings for Air Lease Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Air Lease Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply