Gradient Investments LLC boosted its stake in Air Lease Corp (NYSE:AL) by 34.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,184 shares of the transportation company’s stock after acquiring an additional 6,165 shares during the quarter. Gradient Investments LLC’s holdings in Air Lease were worth $1,110,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AL. BlackRock Inc. boosted its holdings in Air Lease by 1.4% in the 1st quarter. BlackRock Inc. now owns 4,024,171 shares of the transportation company’s stock worth $171,509,000 after acquiring an additional 54,450 shares during the period. JPMorgan Chase & Co. boosted its holdings in Air Lease by 1,839.9% in the 1st quarter. JPMorgan Chase & Co. now owns 30,224 shares of the transportation company’s stock worth $1,287,000 after acquiring an additional 28,666 shares during the period. California Public Employees Retirement System boosted its holdings in Air Lease by 18.6% in the 1st quarter. California Public Employees Retirement System now owns 230,827 shares of the transportation company’s stock worth $9,838,000 after acquiring an additional 36,227 shares during the period. GSA Capital Partners LLP purchased a new position in Air Lease in the 1st quarter worth approximately $563,000. Finally, BB&T Securities LLC boosted its holdings in Air Lease by 14.4% in the 1st quarter. BB&T Securities LLC now owns 15,238 shares of the transportation company’s stock worth $649,000 after acquiring an additional 1,921 shares during the period. Hedge funds and other institutional investors own 86.61% of the company’s stock.
AL has been the subject of a number of analyst reports. Citigroup upped their price target on Air Lease from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, August 15th. Seaport Global Securities initiated coverage on Air Lease in a report on Wednesday. They issued a “buy” rating for the company. ValuEngine upgraded Air Lease from a “sell” rating to a “hold” rating in a report on Tuesday, October 2nd. Compass Point restated a “buy” rating and issued a $58.00 price target on shares of Air Lease in a report on Sunday, August 12th. Finally, Royal Bank of Canada upped their price target on Air Lease from $91.00 to $93.00 and gave the stock a “top pick” rating in a report on Friday, August 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Air Lease presently has a consensus rating of “Buy” and a consensus target price of $55.85.
Air Lease (NYSE:AL) last released its earnings results on Thursday, August 9th. The transportation company reported $1.04 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.04. The company had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $400.11 million. Air Lease had a return on equity of 10.85% and a net margin of 51.22%. The business’s revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS. As a group, analysts forecast that Air Lease Corp will post 4.47 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 14th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Thursday, September 13th. Air Lease’s dividend payout ratio (DPR) is currently 10.96%.
In other news, EVP John D. Poerschke sold 6,000 shares of the stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $46.90, for a total transaction of $281,400.00. Following the completion of the transaction, the executive vice president now directly owns 51,500 shares in the company, valued at approximately $2,415,350. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Marc H. Baer sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $46.22, for a total value of $462,200.00. Following the transaction, the executive vice president now owns 122,891 shares of the company’s stock, valued at $5,680,022.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,000 shares of company stock valued at $1,420,550. 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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