Air Lease (NYSE:AL) Shares Gap Down - Here's What Happened

Key Points

• Air Lease Corporation shares gapped down to $51.90 from a previous close of $55.15, last trading at $54.43 with a volume of 71,379 shares.
• Several analysts, including Citigroup and Barclays, have given positive ratings and increased price targets for Air Lease, with an average consensus price target of $59.50.
• The company announced a quarterly dividend of $0.22 per share, to be paid on October 8th, representing an annualized dividend yield of 1.6% and a payout ratio of 15.38%.

Air Lease Corporation (NYSE:AL - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $55.15, but opened at $51.90. Air Lease shares last traded at $54.43, with a volume of 71,379 shares.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Citigroup raised Air Lease from a "neutral" rating to a "buy" rating and raised their price objective for the company from $45.00 to $68.00 in a report on Tuesday, May 20th. Barclays reiterated an "overweight" rating and set a $67.00 price objective (up previously from $56.00) on shares of Air Lease in a research report on Thursday, July 10th. Finally, Wall Street Zen upgraded Air Lease from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat, Air Lease currently has an average rating of "Moderate Buy" and a consensus price target of $59.50.

Air Lease Price Performance

The stock has a market cap of $6.08 billion, a PE ratio of 9.53, a P/E/G ratio of 0.59 and a beta of 1.41. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 2.53. The company has a fifty day moving average of $57.57 and a 200-day moving average of $51.11.

Air Lease (NYSE:AL - Get Free Report) last released its earnings results on Monday, August 4th. The transportation company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07. Air Lease had a return on equity of 8.04% and a net margin of 24.77%. The firm had revenue of $731.70 million during the quarter, compared to analysts' expectations of $723.35 million. During the same period in the previous year, the firm posted $1.23 EPS. Air Lease's revenue for the quarter was up 9.7% on a year-over-year basis. Sell-side analysts expect that Air Lease Corporation will post 5.16 EPS for the current fiscal year.

Air Lease Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 8th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.6%. Air Lease's dividend payout ratio is currently 15.38%.

Insider Activity

In other news, EVP Grant A. Levy sold 10,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $56.85, for a total transaction of $568,500.00. Following the completion of the transaction, the executive vice president directly owned 146,316 shares of the company's stock, valued at approximately $8,318,064.60. This represents a 6.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 6.64% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. M&T Bank Corp lifted its holdings in shares of Air Lease by 3.6% in the 1st quarter. M&T Bank Corp now owns 14,793 shares of the transportation company's stock valued at $714,000 after purchasing an additional 508 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Air Lease by 18.7% during the 1st quarter. Bessemer Group Inc. now owns 10,410 shares of the transportation company's stock worth $503,000 after buying an additional 1,640 shares in the last quarter. Verity Asset Management Inc. purchased a new position in shares of Air Lease during the 1st quarter worth approximately $348,000. Neo Ivy Capital Management purchased a new position in shares of Air Lease during the 1st quarter worth approximately $1,347,000. Finally, Sequoia Financial Advisors LLC raised its stake in shares of Air Lease by 10.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 71,283 shares of the transportation company's stock worth $3,444,000 after buying an additional 6,600 shares in the last quarter. 94.59% of the stock is owned by institutional investors and hedge funds.

Air Lease Company Profile

Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet aircraft to airlines worldwide. It sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines, and other investors. The company provides fleet management services to investors and owners of aircraft portfolios.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.