Klingenstein Fields & Co. LLC cut its stake in Air Lease Corporation (NYSE:AL) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 919,099 shares of the transportation company’s stock after selling 4,349 shares during the period. Air Lease Corporation makes up about 1.3% of Klingenstein Fields & Co. LLC’s investment portfolio, making the stock its 19th largest position. Klingenstein Fields & Co. LLC owned about 0.89% of Air Lease Corporation worth $34,337,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in AL. Israel Discount Bank of New York acquired a new stake in Air Lease Corporation during the first quarter valued at about $100,000. Bank of Montreal Can raised its stake in 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. Penserra Capital Management LLC raised its stake in Air Lease Corporation by 674.8% in the first quarter. Penserra Capital Management LLC now owns 4,974 shares of the transportation company’s stock valued at $192,000 after buying an additional 4,332 shares during the last quarter. Connable Office Inc. acquired a new stake in Air Lease Corporation during the first quarter valued at about $213,000. Finally, Wellington Shields Capital Management LLC acquired a new stake in Air Lease Corporation during the second quarter valued at about $243,000. 91.84% of the stock is owned by institutional investors.
Air Lease Corporation (NYSE AL) traded down 0.25% on Friday, reaching $40.01. 652,386 shares of the company’s stock were exchanged. Air Lease Corporation has a 12 month low of $27.05 and a 12 month high of $43.39. The stock has a market capitalization of $4.13 billion, a PE ratio of 11.65 and a beta of 1.78. The firm has a 50 day moving average of $39.21 and a 200 day moving average of $38.14.
Air Lease Corporation (NYSE:AL) last released its quarterly earnings results on Thursday, August 3rd. The transportation company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.08. Air Lease Corporation had a return on equity of 10.99% and a net margin of 25.64%. The business had revenue of $380.59 million during the quarter, compared to analysts’ expectations of $375.14 million. During the same period in the previous year, the business posted $1.39 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts predict that Air Lease Corporation will post $3.46 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Wednesday, September 13th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.75%. Air Lease Corporation’s dividend payout ratio is 8.70%.
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Several brokerages have recently weighed in on AL. BidaskClub downgraded shares of Air Lease Corporation from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America Corporation downgraded shares of Air Lease Corporation from a “buy” rating to a “neutral” rating and set a $44.00 target price for the company. in a research note on Wednesday. Cowen and Company upped their target price on shares of Air Lease Corporation from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded shares of Air Lease Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, ValuEngine upgraded shares of Air Lease Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Air Lease Corporation has a consensus rating of “Buy” and an average price target of $45.25.
In related news, EVP Jie Chen sold 10,000 shares of Air Lease Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $43.00, for a total value of $430,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kishore Korde sold 2,000 shares of Air Lease Corporation stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $38.00, for a total value of $76,000.00. Following the completion of the transaction, the executive vice president now directly owns 86,410 shares of the company’s stock, valued at $3,283,580. The disclosure for this sale can be found here. Insiders sold 39,854 shares of company stock valued at $1,568,909 over the last ninety days. 9.76% of the stock is currently owned by company insiders.
About Air Lease Corporation
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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