Air Lease Corporation $AL Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Air Lease Corporation by 7.9%, now owning approximately 3.24% of the company valued at $211.8 million.
• Air Lease's stock is rated with a consensus of "Hold" by analysts, with a price target averaging $60.29 despite several firms adjusting their ratings and price objectives recently.
• The company reported a quarterly EPS of $1.40, exceeding expectations, with a year-over-year revenue increase of 9.7% and a recent dividend announcement reflecting a 1.4% yield.

Allspring Global Investments Holdings LLC lifted its position in shares of Air Lease Corporation (NYSE:AL - Free Report) by 7.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,619,226 shares of the transportation company's stock after buying an additional 265,423 shares during the period. Allspring Global Investments Holdings LLC owned approximately 3.24% of Air Lease worth $211,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Air Lease by 79.3% during the 1st quarter. GAMMA Investing LLC now owns 4,140 shares of the transportation company's stock worth $200,000 after purchasing an additional 1,831 shares during the period. Fifth Third Bancorp boosted its position in shares of Air Lease by 2.7% during the 1st quarter. Fifth Third Bancorp now owns 37,346 shares of the transportation company's stock worth $1,804,000 after purchasing an additional 968 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Air Lease by 8.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,808 shares of the transportation company's stock worth $812,000 after purchasing an additional 1,243 shares during the period. Fortis Advisors LLC boosted its position in shares of Air Lease by 21.2% during the 1st quarter. Fortis Advisors LLC now owns 11,425 shares of the transportation company's stock worth $552,000 after purchasing an additional 2,000 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of Air Lease by 4.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 62,152 shares of the transportation company's stock worth $3,003,000 after purchasing an additional 2,742 shares during the period. Institutional investors and hedge funds own 94.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AL. Barclays reaffirmed 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. Cowen cut shares of Air Lease from a "buy" rating to a "hold" rating in a research report on Wednesday, September 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Air Lease in a research report on Wednesday, October 8th. TD Cowen cut shares of Air Lease from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft cut shares of Air Lease from a "buy" rating to a "hold" rating and set a $65.00 price target for the company. in a research report on Wednesday, September 3rd. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $60.29.

Insiders Place Their Bets

In related news, EVP Grant A. Levy sold 5,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $63.57, for a total transaction of $317,850.00. Following the completion of the sale, the executive vice president directly owned 141,316 shares of the company's stock, valued at $8,983,458.12. This trade represents a 3.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David Beker sold 5,000 shares of Air Lease stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $63.53, for a total transaction of $317,650.00. Following the completion of the sale, the executive vice president directly owned 13,970 shares in the company, valued at approximately $887,514.10. The trade was a 26.36% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,000 shares of company stock worth $746,380. 6.80% of the stock is currently owned by company insiders.

Air Lease Price Performance

Air Lease stock opened at $63.52 on Monday. The stock has a market cap of $7.10 billion, a P/E ratio of 7.71, a price-to-earnings-growth ratio of 0.65 and a beta of 1.37. The company has a fifty day simple moving average of $61.23 and a 200-day simple moving average of $56.05. Air Lease Corporation has a 12-month low of $38.25 and a 12-month high of $64.30. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.47.

Air Lease (NYSE:AL - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The transportation company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. The business had revenue of $731.70 million during the quarter, compared to analysts' expectations of $723.35 million. Air Lease had a net margin of 34.04% and a return on equity of 7.99%. The company's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.23 EPS. Equities 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 was paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 3rd were paid a $0.22 dividend. The ex-dividend date was Wednesday, September 3rd. This represents a $0.88 dividend on an annualized basis and a yield of 1.4%. Air Lease's payout ratio is currently 10.68%.

About Air Lease

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.