Maryland State Retirement & Pension System Has $1.70 Million Holdings in Air Lease Corporation (NYSE:AL)

Key Points

• Maryland State Retirement & Pension System reduced its stake in Air Lease Corporation by 14.1%, selling 5,739 shares, and now owns 35,100 shares worth approximately $1.7 million.
• Insider trading has been noted, with two executives selling a combined total of 12,000 shares, leading to a significant decrease in their positions.
• Analysts have upgraded Air Lease's stock rating, with Citigroup raising its target price from $45 to $68, contributing to a consensus rating of "Moderate Buy".

Maryland State Retirement & Pension System trimmed its position in Air Lease Corporation (NYSE:AL - Free Report) by 14.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,100 shares of the transportation company's stock after selling 5,739 shares during the quarter. Maryland State Retirement & Pension System's holdings in Air Lease were worth $1,696,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in AL. Alpine Bank Wealth Management bought a new position in Air Lease during the 1st quarter worth $25,000. Versant Capital Management Inc grew its stake in shares of Air Lease by 88.1% in the first quarter. Versant Capital Management Inc now owns 743 shares of the transportation company's stock worth $36,000 after purchasing an additional 348 shares in the last quarter. Engine Capital Management LP bought a new position in shares of Air Lease in the fourth quarter worth $36,000. Fourth Dimension Wealth LLC bought a new position in shares of Air Lease in the fourth quarter worth $52,000. Finally, Archer Investment Corp bought a new position in shares of Air Lease in the first quarter worth $147,000. 94.59% of the stock is currently owned by institutional investors.

Insider Transactions at Air Lease

In other news, EVP David Beker sold 2,000 shares of Air Lease stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $55.44, for a total transaction of $110,880.00. Following the sale, the executive vice president owned 19,770 shares of the company's stock, valued at approximately $1,096,048.80. This trade represents a 9.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on AL shares. Wall Street Zen upgraded Air Lease from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Citigroup raised Air Lease from a "neutral" rating to a "buy" rating and upped their target price for the company from $45.00 to $68.00 in a report on Tuesday, May 20th. Finally, Barclays reissued an "overweight" rating and issued a $67.00 price objective (up from $56.00) on shares of Air Lease in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $59.50.

Air Lease Stock Up 0.4%

Shares of NYSE AL traded up $0.22 during mid-day trading on Wednesday, reaching $58.32. 818,260 shares of the company traded hands, compared to its average volume of 854,477. 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 stock has a market cap of $6.52 billion, a PE ratio of 7.08, a price-to-earnings-growth ratio of 0.57 and a beta of 1.41. The company's fifty day moving average is $57.31 and its two-hundred day moving average is $51.44. Air Lease Corporation has a fifty-two week low of $38.25 and a fifty-two week high of $60.41.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.07. The firm had revenue of $731.70 million for the quarter, compared to analyst estimates 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 was up 9.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.23 EPS. 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 announced a quarterly dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 3rd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $0.88 dividend on an annualized basis and a yield of 1.5%. Air Lease's dividend payout ratio (DPR) is 10.68%.

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.