Cresset Asset Management LLC purchased a new stake in shares of Air Lease Corporation (NYSE:AL - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,259 shares of the transportation company's stock, valued at approximately $546,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of AL. Alpine Bank Wealth Management bought a new position in Air Lease during the 1st quarter valued at approximately $25,000. Engine Capital Management LP bought a new position in Air Lease during the 4th quarter valued at approximately $36,000. Versant Capital Management Inc raised its position in Air Lease by 88.1% during the 1st quarter. Versant Capital Management Inc now owns 743 shares of the transportation company's stock valued at $36,000 after purchasing an additional 348 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in Air Lease during the 4th quarter valued at approximately $52,000. Finally, Archer Investment Corp bought a new position in Air Lease during the 1st quarter valued at approximately $147,000. Institutional investors own 94.59% of the company's stock.
Air Lease Stock Up 1.9%
AL stock opened at $59.98 on Friday. Air Lease Corporation has a fifty-two week low of $38.25 and a fifty-two week high of $60.59. The business's 50 day moving average price is $57.46 and its two-hundred day moving average price is $52.13. The company has a debt-to-equity ratio of 2.47, a quick ratio of 0.42 and a current ratio of 0.42. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 7.28, a price-to-earnings-growth ratio of 0.62 and a beta of 1.41.
Air Lease (NYSE:AL - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The transportation company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.07. The company 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 firm's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.23 EPS. As a group, analysts forecast that Air Lease Corporation will post 5.16 earnings per share for the current fiscal year.
Air Lease Announces Dividend
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 paid a $0.22 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.88 annualized dividend and a dividend yield of 1.5%. Air Lease's dividend payout ratio is presently 10.68%.
Wall Street Analyst Weigh In
A number of research firms have weighed in on AL. Barclays reiterated an "overweight" rating and set a $67.00 target price (up previously from $56.00) on shares of Air Lease in a report on Thursday, July 10th. Citigroup upgraded Air Lease from a "neutral" rating to a "buy" rating and upped their target price for the stock from $45.00 to $68.00 in a report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Air Lease from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Air Lease currently has an average rating of "Moderate Buy" and an average price target of $59.50.
Get Our Latest Research Report on AL
Insider Buying and Selling at Air Lease
In related news, EVP David Beker sold 2,000 shares of the company'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 sale, the executive vice president owned 19,770 shares in the company, valued at $1,096,048.80. This represents a 9.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 6.64% of the stock is owned by insiders.
About Air Lease
(
Free Report)
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.
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