Air Lease Corporation $AL Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC reduced its shares in Air Lease Corporation by 13.9% during the second quarter, bringing its total holdings to 40,490 shares worth approximately $2.37 million.
• Air Lease recently reported an earnings per share (EPS) of $1.40, exceeding expectations of $1.33, along with quarterly revenue of $731.70 million.
• The company announced a quarterly dividend of $0.22 per share, which is set to be paid on October 8, representing a yield of 1.4%.

Wedge Capital Management L L P NC reduced its stake in Air Lease Corporation (NYSE:AL - Free Report) by 13.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,490 shares of the transportation company's stock after selling 6,516 shares during the quarter. Wedge Capital Management L L P NC's holdings in Air Lease were worth $2,368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Diversified Trust Co acquired a new stake in shares of Air Lease in the 2nd quarter worth about $230,000. Parallel Advisors LLC grew its holdings in shares of Air Lease by 16.0% during the 2nd quarter. Parallel Advisors LLC now owns 3,694 shares of the transportation company's stock valued at $216,000 after acquiring an additional 509 shares in the last quarter. Voya Investment Management LLC lifted its stake in Air Lease by 13.8% in the first quarter. Voya Investment Management LLC now owns 17,345 shares of the transportation company's stock valued at $838,000 after acquiring an additional 2,100 shares during the last quarter. Strs Ohio bought a new position in shares of Air Lease in the 1st quarter valued at approximately $1,758,000. Finally, Geneos Wealth Management Inc. increased its stake in shares of Air Lease by 264.1% in the first quarter. Geneos Wealth Management Inc. now owns 892 shares of the transportation company's stock worth $43,000 after purchasing an additional 647 shares during the period. 94.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AL. TD Cowen lowered shares of Air Lease from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 3rd. Cowen downgraded Air Lease from a "buy" rating to a "hold" rating in a research report on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft downgraded Air Lease from a "buy" rating to a "hold" rating and set a $65.00 price objective for the company. in a report on Wednesday, September 3rd. Finally, Barclays restated an "overweight" rating and set a $67.00 price objective (up from $56.00) on shares of Air Lease in a report on Thursday, July 10th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Air Lease currently has a consensus rating of "Hold" and an average price target of $60.29.

Air Lease Stock Performance

Shares of AL traded down $0.09 on Monday, reaching $63.52. 1,226,390 shares of the company's stock traded hands, compared to its average volume of 3,149,986. Air Lease Corporation has a 52-week low of $38.25 and a 52-week high of $64.30. The stock's 50 day simple moving average is $59.45 and its two-hundred day simple moving average is $54.40. The stock has a market cap of $7.10 billion, a PE ratio of 7.71, a PEG ratio of 0.66 and a beta of 1.37. 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 issued its quarterly earnings results on Monday, August 4th. The transportation company reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.07. The firm had revenue of $731.70 million during 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 company's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the company posted $1.23 EPS. On average, analysts forecast that Air Lease Corporation will post 5.16 earnings per share for the current fiscal year.

Air Lease Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 8th. Investors of record on Wednesday, September 3rd will be given a $0.22 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.88 annualized dividend and a yield of 1.4%. Air Lease's dividend payout ratio (DPR) is currently 10.68%.

Insider Activity

In other Air Lease news, EVP David Beker sold 5,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $63.53, for a total value of $317,650.00. Following the completion of the transaction, the executive vice president directly owned 13,970 shares of the company's stock, valued at approximately $887,514.10. The trade was a 26.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Grant A. Levy sold 5,000 shares of the company's 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 sale, the executive vice president directly owned 141,316 shares of the company's stock, valued at $8,983,458.12. The trade was a 3.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,000 shares of company stock worth $746,380 over the last quarter. 6.80% of the stock is currently owned by insiders.

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.