Verition Fund Management LLC purchased a new position in Air Lease Corp (NYSE:AL) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 15,075 shares of the transportation company’s stock, valued at approximately $642,000.
Several other institutional investors also recently bought and sold shares of AL. Boston Partners raised its position in shares of Air Lease by 2.9% in the first quarter. Boston Partners now owns 8,555,116 shares of the transportation company’s stock worth $364,619,000 after buying an additional 239,216 shares in the last quarter. BlackRock Inc. raised its position in shares of Air Lease by 1.4% in the first quarter. BlackRock Inc. now owns 4,024,171 shares of the transportation company’s stock worth $171,509,000 after buying an additional 54,450 shares in the last quarter. Northern Trust Corp raised its position in shares of Air Lease by 1.0% in the first quarter. Northern Trust Corp now owns 1,127,392 shares of the transportation company’s stock worth $48,050,000 after buying an additional 11,507 shares in the last quarter. Klingenstein Fields & Co. LLC raised its position in shares of Air Lease by 3.0% in the first quarter. Klingenstein Fields & Co. LLC now owns 868,182 shares of the transportation company’s stock worth $37,002,000 after buying an additional 24,993 shares in the last quarter. Finally, Capital Counsel LLC NY raised its position in shares of Air Lease by 0.4% in the fourth quarter. Capital Counsel LLC NY now owns 628,550 shares of the transportation company’s stock worth $30,227,000 after buying an additional 2,800 shares in the last quarter. 84.98% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on AL shares. Credit Suisse Group reiterated an “outperform” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Air Lease in a research report on Friday, February 23rd. JPMorgan Chase & Co. raised their price target on Air Lease from $48.00 to $54.50 and gave the company an “overweight” rating in a research report on Tuesday, March 6th. Morgan Stanley raised their price target on Air Lease from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, April 12th. Zacks Investment Research downgraded Air Lease from a “buy” rating to a “hold” rating in a research report on Tuesday, March 27th. Finally, Citigroup raised their price target on Air Lease from $46.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $53.35.
Air Lease (NYSE:AL) last released its quarterly earnings results on Thursday, May 10th. The transportation company reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.05. Air Lease had a return on equity of 11.03% and a net margin of 50.86%. The business had revenue of $381.20 million for the quarter, compared to the consensus estimate of $379.74 million. During the same quarter last year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. analysts predict that Air Lease Corp will post 4.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 10th. Stockholders of record on Tuesday, June 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.94%. Air Lease’s dividend payout ratio is currently 10.96%.
In other news, EVP John D. Poerschke sold 12,144 shares of Air Lease stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $44.98, for a total value of $546,237.12. Following the transaction, the executive vice president now owns 43,500 shares in the company, valued at $1,956,630. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Marc H. Baer sold 5,000 shares of Air Lease stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $45.52, for a total value of $227,600.00. Following the completion of the transaction, the executive vice president now owns 132,891 shares in the company, valued at approximately $6,049,198.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,144 shares of company stock worth $1,990,187. Company insiders own 9.32% of the company’s stock.
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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