Air Lease Corporation (NYSE:AL) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in Air Lease Corporation (NYSE:AL - Free Report) by 2.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 996,626 shares of the transportation company's stock after selling 25,833 shares during the quarter. Bank of New York Mellon Corp owned about 0.89% of Air Lease worth $48,147,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Air Lease during the fourth quarter valued at $49,415,000. Capital Research Global Investors lifted its holdings in Air Lease by 50.7% during the fourth quarter. Capital Research Global Investors now owns 2,050,000 shares of the transportation company's stock valued at $98,830,000 after purchasing an additional 690,000 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Air Lease during the fourth quarter worth about $31,414,000. Allspring Global Investments Holdings LLC grew its stake in Air Lease by 19.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,353,803 shares of the transportation company's stock valued at $162,492,000 after acquiring an additional 553,080 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Air Lease by 13.7% in the 4th quarter. American Century Companies Inc. now owns 3,226,921 shares of the transportation company's stock worth $155,570,000 after acquiring an additional 389,070 shares during the last quarter. 94.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AL has been the topic of several recent research reports. Barclays restated an "overweight" rating and set a $67.00 price target (up previously from $56.00) on shares of Air Lease in a report on Thursday, July 10th. Wall Street Zen upgraded Air Lease from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Finally, Citigroup raised Air Lease from a "neutral" rating to a "buy" rating and raised their price target for the stock from $45.00 to $68.00 in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to MarketBeat, Air Lease currently has an average rating of "Moderate Buy" and a consensus price target of $59.29.

Insider Buying and Selling at Air Lease

In related news, EVP Grant A. Levy sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $56.85, for a total transaction of $568,500.00. Following the sale, the executive vice president directly owned 146,316 shares of the company's stock, valued at $8,318,064.60. This represents a 6.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.64% of the company's stock.

Air Lease Stock Performance

Shares of AL traded down $0.35 during mid-day trading on Tuesday, reaching $58.78. The company had a trading volume of 45,879 shares, compared to its average volume of 851,291. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 2.53. The stock has a market capitalization of $6.57 billion, a P/E ratio of 10.28, a PEG ratio of 0.63 and a beta of 1.35. The stock has a 50 day moving average of $57.05 and a two-hundred day moving average of $49.99. Air Lease Corporation has a 52-week low of $38.25 and a 52-week high of $60.41.

Air Lease (NYSE:AL - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The transportation company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.27. Air Lease had a net margin of 24.77% and a return on equity of 8.04%. The company had revenue of $738.28 million during the quarter, compared to analysts' expectations of $709.70 million. During the same period in the prior year, the business posted $0.87 earnings per share. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts expect that Air Lease Corporation will post 5.16 earnings per share for the current year.

Air Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 4th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Wednesday, June 4th. Air Lease's dividend payout ratio is presently 15.38%.

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.