Air Lease Corporation $AL Shares Sold by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. decreased its stake in Air Lease Corporation by 13.9%, selling 108,682 shares in Q1 2023, leaving them with approximately $32.5 million in holdings.
• Wall Street analysts have shown confidence in Air Lease, with Barclays raising its target price to $67.00 and Citigroup upgrading the stock from 'neutral' to 'buy' while increasing their target to $68.00.
• The company reported a 9.7% year-over-year increase in revenue, reaching $731.70 million for the last quarter, surpassing estimates and demonstrating strong growth potential.

T. Rowe Price Investment Management Inc. lowered its holdings in shares of Air Lease Corporation (NYSE:AL - Free Report) by 13.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 673,507 shares of the transportation company's stock after selling 108,682 shares during the quarter. T. Rowe Price Investment Management Inc. owned 0.60% of Air Lease worth $32,538,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AL. Barclays PLC lifted its holdings in shares of Air Lease by 21.4% in the 4th quarter. Barclays PLC now owns 104,429 shares of the transportation company's stock worth $5,034,000 after buying an additional 18,396 shares during the period. Mariner LLC increased its holdings in shares of Air Lease by 15.4% in the fourth quarter. Mariner LLC now owns 20,085 shares of the transportation company's stock valued at $968,000 after purchasing an additional 2,686 shares during the period. XTX Topco Ltd acquired a new position in shares of Air Lease in the fourth quarter valued at about $255,000. Stifel Financial Corp increased its holdings in shares of Air Lease by 0.6% in the fourth quarter. Stifel Financial Corp now owns 84,707 shares of the transportation company's stock valued at $4,084,000 after purchasing an additional 519 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Air Lease during the fourth quarter worth about $5,134,000. 94.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Air Lease

In other news, EVP David Beker sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $55.44, for a total value of $110,880.00. Following the transaction, the executive vice president owned 19,770 shares in the company, valued at $1,096,048.80. This trade represents a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.64% of the stock is currently owned by company insiders.

Air Lease Price Performance

Shares of NYSE AL traded down $0.48 during midday trading on Friday, hitting $60.18. The stock had a trading volume of 124,153 shares, compared to its average volume of 834,802. The company has a market capitalization of $6.73 billion, a PE ratio of 7.30, a P/E/G ratio of 0.62 and a beta of 1.41. The stock has a 50 day simple moving average of $57.78 and a 200-day simple moving average of $52.48. Air Lease Corporation has a 1 year low of $38.25 and a 1 year high of $61.10. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.47.

Air Lease (NYSE:AL - Get Free Report) last released its earnings results on Monday, August 4th. The transportation company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. The business had revenue of $731.70 million for the quarter, compared to the consensus estimate of $723.35 million. Air Lease had a return on equity of 7.99% and a net margin of 34.04%.The business's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 earnings per share. On average, sell-side analysts expect that Air Lease Corporation will post 5.16 EPS for the current fiscal year.

Air Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 8th. Stockholders of record on Wednesday, September 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, September 3rd. Air Lease's dividend payout ratio (DPR) is 10.68%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Citigroup raised shares of Air Lease from a "neutral" rating to a "buy" rating and increased their price target for the stock from $45.00 to $68.00 in a report on Tuesday, May 20th. Wall Street Zen upgraded Air Lease from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. Finally, Barclays reiterated an "overweight" rating and set a $67.00 price target (up previously from $56.00) on shares of Air Lease in a research report on Thursday, July 10th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Air Lease presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.50.

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.