Air Lease Corporation (NYSE:AL) had its price objective increased by Morgan Stanley from $40.00 to $42.00 in a report released on Tuesday morning, StockTargetPrices.com reports.
Several other equities research analysts also recently commented on AL. FBR & Co dropped their price objective on shares of Air Lease Corporation from $47.00 to $45.00 and set an outperform rating on the stock in a report on Friday, May 5th. Royal Bank of Canada reaffirmed a buy rating on shares of Air Lease Corporation in a report on Friday, May 5th. Zacks Investment Research downgraded shares of Air Lease Corporation from a hold rating to a sell rating in a report on Tuesday, May 30th. Finally, ValuEngine raised shares of Air Lease Corporation from a buy rating to a strong-buy rating in a report on Saturday, June 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $44.33.
Shares of Air Lease Corporation (NYSE:AL) opened at 38.07 on Tuesday. The firm has a market cap of $3.93 billion, a PE ratio of 11.34 and a beta of 1.78. Air Lease Corporation has a 52 week low of $26.27 and a 52 week high of $40.24. The firm has a 50-day moving average of $37.43 and a 200 day moving average of $37.25.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 11th. Stockholders of record on Wednesday, June 14th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Monday, June 12th. Air Lease Corporation’s payout ratio is 8.90%.
In other news, EVP Grant A. Levy sold 27,854 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $38.16, for a total value of $1,062,908.64. Following the sale, the executive vice president now directly owns 210,824 shares of the company’s stock, valued at $8,045,043.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kishore Korde sold 2,000 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $38.00, for a total transaction of $76,000.00. Following the completion of the sale, the executive vice president now directly owns 86,410 shares in the company, valued at $3,283,580. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,854 shares of company stock worth $1,214,909. Insiders own 9.76% of the company’s stock.
Several large investors have recently made changes to their positions in AL. Graybill Bartz & Assoc Ltd. increased its stake in shares of Air Lease Corporation by 1.8% in the first quarter. Graybill Bartz & Assoc Ltd. now owns 109,334 shares of the transportation company’s stock worth $4,237,000 after buying an additional 1,890 shares during the last quarter. Norges Bank purchased a new stake in shares of Air Lease Corporation during the fourth quarter worth about $14,466,000. Bank of New York Mellon Corp increased its stake in shares of Air Lease Corporation by 1.6% in the first quarter. Bank of New York Mellon Corp now owns 492,147 shares of the transportation company’s stock worth $19,071,000 after buying an additional 7,699 shares during the last quarter. Ingalls & Snyder LLC increased its stake in shares of Air Lease Corporation by 1.1% in the first quarter. Ingalls & Snyder LLC now owns 76,225 shares of the transportation company’s stock worth $2,954,000 after buying an additional 844 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of Air Lease Corporation during the fourth quarter worth about $740,000. 92.10% of the stock is currently owned by hedge funds and other institutional investors.
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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