Vestcor Inc Makes New $6.13 Million Investment in Air Lease Corporation $AL

Key Points

• Vestcor Inc initiated a new position in Air Lease, buying 96,254 shares worth about $6.13 million, leaving it with roughly 0.09% of the company as institutional ownership sits at about 94.59%.
• Company insiders have been net sellers recently, disposing of 281,804 shares valued at about $18.05 million over the last quarter (insiders now own 6.8% of shares), including large sales by an EVP and a director.
• Air Lease reported a quarterly EPS beat ($2.20 vs. $1.46 consensus) with revenue up year-over-year but below estimates, trades with a PE of 6.96 and market cap of about $7.26 billion, and pays a quarterly dividend of $0.22 (annualized yield ~1.4%); analysts’ average price target is $66 ("Moderate Buy").

Vestcor Inc purchased a new position in shares of Air Lease Corporation (NYSE:AL - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 96,254 shares of the transportation company's stock, valued at approximately $6,127,000. Vestcor Inc owned approximately 0.09% of Air Lease as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Savant Capital LLC bought a new position in Air Lease in the third quarter valued at $1,050,000. High Ground Investment Management LLP acquired a new stake in Air Lease in the 3rd quarter valued at $34,957,000. Voya Investment Management LLC lifted its position in Air Lease by 104.3% during the 3rd quarter. Voya Investment Management LLC now owns 35,641 shares of the transportation company's stock worth $2,269,000 after buying an additional 18,195 shares in the last quarter. BCK Capital Management LP bought a new stake in Air Lease during the 3rd quarter worth about $710,000. Finally, Gabelli Funds LLC acquired a new position in shares of Air Lease during the 2nd quarter worth about $7,473,000. 94.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Grant A. Levy sold 1,000 shares of the business's stock in a transaction on Monday, December 15th. The stock was sold at an average price of $64.30, for a total value of $64,300.00. Following the completion of the sale, the executive vice president directly owned 137,206 shares in the company, valued at $8,822,345.80. The trade was a 0.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven F. Udvar-Hazy sold 64,000 shares of the company's stock in a transaction on Friday, December 12th. The shares were sold at an average price of $64.02, for a total value of $4,097,280.00. Following the completion of the transaction, the director directly owned 74,000 shares in the company, valued at approximately $4,737,480. This represents a 46.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 281,804 shares of company stock valued at $18,047,627. 6.80% of the stock is owned by insiders.

Air Lease Stock Performance

NYSE AL opened at $64.79 on Tuesday. The firm has a 50-day moving average of $64.53 and a 200-day moving average of $63.87. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.46 and a current ratio of 0.46. The stock has a market cap of $7.26 billion, a PE ratio of 6.96, a P/E/G ratio of 0.53 and a beta of 1.11. Air Lease Corporation has a 52-week low of $38.25 and a 52-week high of $64.96.

Air Lease (NYSE:AL - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The transportation company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.74. The business had revenue of $679.54 million for the quarter, compared to analyst estimates of $782.67 million. Air Lease had a net margin of 35.72% and a return on equity of 8.54%. Air Lease's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.83 EPS. On average, sell-side analysts anticipate that Air Lease Corporation will post 5.16 EPS for the current year.

Air Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 7th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, March 2nd. Air Lease's payout ratio is currently 9.45%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AL shares. Barclays restated an "equal weight" rating and issued a $65.00 price objective (down from $68.00) on shares of Air Lease in a report on Tuesday, January 6th. Zacks Research raised Air Lease from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 18th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Air Lease in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Air Lease currently has an average rating of "Moderate Buy" and an average price target of $66.00.

Air Lease Company Profile

Air Lease Corporation NYSE: AL is a leading aircraft leasing company that acquires commercial jet aircraft and leases them to airlines worldwide. The firm's core business activities include direct aircraft acquisition, lease management and portfolio remarketing. By structuring sale‐and‐leaseback transactions, operating leases and secured loans, Air Lease provides flexible financing solutions that enable carriers to modernize their fleets without committing large amounts of capital to ownership.

Founded in 2010 and headquartered in Los Angeles, Air Lease Corporation serves a diverse customer base spanning North America, Europe, Asia, Latin America and the Middle East.

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