New York State Common Retirement Fund raised its position in shares of Air Lease Corp (NYSE:AL) by 16.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 289,620 shares of the transportation company’s stock after purchasing an additional 40,900 shares during the quarter. New York State Common Retirement Fund owned about 0.28% of Air Lease worth $12,344,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. QS Investors LLC boosted its stake in Air Lease by 0.6% during the 2nd quarter. QS Investors LLC now owns 3,464 shares of the transportation company’s stock valued at $129,000 after purchasing an additional 21 shares in the last quarter. Alps Advisors Inc. boosted its stake in Air Lease by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 12,316 shares of the transportation company’s stock valued at $460,000 after purchasing an additional 32 shares in the last quarter. Suntrust Banks Inc. boosted its stake in Air Lease by 0.9% during the 2nd quarter. Suntrust Banks Inc. now owns 12,844 shares of the transportation company’s stock valued at $479,000 after purchasing an additional 119 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Air Lease by 1.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,877 shares of the transportation company’s stock valued at $294,000 after purchasing an additional 134 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in Air Lease by 0.8% during the 2nd quarter. Advisory Services Network LLC now owns 23,589 shares of the transportation company’s stock valued at $881,000 after purchasing an additional 198 shares in the last quarter. 91.83% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on the company. Citigroup assumed coverage on Air Lease in a research note on Friday, December 8th. They set a “neutral” rating and a $46.00 price objective for the company. ValuEngine lowered Air Lease from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Royal Bank of Canada reissued a “buy” rating and set a $80.00 price objective on shares of Air Lease in a research note on Thursday, November 2nd. Bank of America set a $47.00 price objective on Air Lease and gave the stock a “hold” rating in a research note on Thursday, October 19th. Finally, Credit Suisse Group raised their price objective on Air Lease from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $48.50.
Shares of Air Lease Corp (AL) opened at $46.97 on Tuesday. The stock has a market capitalization of $4,728.39, a price-to-earnings ratio of 13.12, a PEG ratio of 1.38 and a beta of 1.82. Air Lease Corp has a 1-year low of $34.21 and a 1-year high of $47.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 2.53.
Air Lease (NYSE:AL) last released its earnings results on Thursday, November 9th. The transportation company reported $0.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.03. The company had revenue of $376.77 million during the quarter, compared to analyst estimates of $374.61 million. Air Lease had a return on equity of 10.87% and a net margin of 25.67%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 earnings per share. sell-side analysts expect that Air Lease Corp will post 3.44 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 4th. Stockholders of record on Thursday, December 14th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, December 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.85%. This is a positive change from Air Lease’s previous quarterly dividend of $0.08. Air Lease’s dividend payout ratio is presently 11.46%.
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Air Lease 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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