Royal Bank of Canada Purchases 27,065 Shares of Air Lease Corporation $AL

Key Points

• Royal Bank of Canada increased its stake in Air Lease Corporation by 8.3%, now owning 353,072 shares valued at around $17 million after acquiring an additional 27,065 shares.
• Analysts have issued mixed ratings for Air Lease, with four analysts rating it as a buy and others downgrading the stock to hold, highlighting an average target price of approximately $60.29.
• The company recently announced a quarterly dividend of $0.22 per share, reflecting an annualized yield of 1.4%, with the ex-dividend date set for September 3rd.

Royal Bank of Canada grew its holdings in shares of Air Lease Corporation (NYSE:AL - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 353,072 shares of the transportation company's stock after buying an additional 27,065 shares during the quarter. Royal Bank of Canada owned 0.32% of Air Lease worth $17,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. M&T Bank Corp lifted its stake in Air Lease by 3.6% during the first quarter. M&T Bank Corp now owns 14,793 shares of the transportation company's stock worth $714,000 after purchasing an additional 508 shares during the last quarter. Bessemer Group Inc. lifted its stake in Air Lease by 18.7% during the first quarter. Bessemer Group Inc. now owns 10,410 shares of the transportation company's stock worth $503,000 after purchasing an additional 1,640 shares during the last quarter. Verity Asset Management Inc. bought a new position in Air Lease during the first quarter worth $348,000. Neo Ivy Capital Management bought a new position in Air Lease during the first quarter worth $1,347,000. Finally, LPL Financial LLC lifted its stake in Air Lease by 11.3% during the first quarter. LPL Financial LLC now owns 45,244 shares of the transportation company's stock worth $2,186,000 after purchasing an additional 4,601 shares during the last quarter. 94.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on AL shares. Cowen cut Air Lease from a "buy" rating to a "hold" rating in a research note on Wednesday, September 3rd. TD Cowen cut Air Lease from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft cut Air Lease from a "buy" rating to a "hold" rating and set a $65.00 target price on the stock. in a research note on Wednesday, September 3rd. Citigroup upgraded Air Lease from a "neutral" rating to a "buy" rating and raised their target price for the company from $45.00 to $68.00 in a research note on Tuesday, May 20th. Finally, Barclays reiterated an "overweight" rating and issued a $67.00 target price (up from $56.00) on shares of Air Lease in a research note on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $60.29.

Air Lease Price Performance

Air Lease stock traded up $0.04 during midday trading on Monday, hitting $63.56. The company's stock had a trading volume of 3,438,905 shares, compared to its average volume of 2,441,698. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.47. The stock's 50-day moving average price is $58.96 and its 200-day moving average price is $53.79. Air Lease Corporation has a 12 month low of $38.25 and a 12 month high of $64.30. The company has a market capitalization of $7.10 billion, a PE ratio of 7.71, a price-to-earnings-growth ratio of 0.65 and a beta of 1.37.

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

Air Lease Dividend Announcement

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

Insider Buying and Selling

In related news, EVP David Beker sold 2,000 shares of the 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 approximately $1,096,048.80. This represents a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 6.80% of the company's stock.

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.