Victory Capital Management Inc. Grows Stake in Air Lease Corporation (NYSE:AL)

Victory Capital Management Inc. grew its holdings in Air Lease Corporation (NYSE:AL - Free Report) by 82.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 98,214 shares of the transportation company's stock after acquiring an additional 44,259 shares during the quarter. Victory Capital Management Inc. owned about 0.09% of Air Lease worth $4,745,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AL. M&T Bank Corp lifted its position in Air Lease by 3.6% during the 1st quarter. M&T Bank Corp now owns 14,793 shares of the transportation company's stock worth $714,000 after acquiring an additional 508 shares during the period. Bessemer Group Inc. lifted its position in Air Lease by 18.7% during the 1st quarter. Bessemer Group Inc. now owns 10,410 shares of the transportation company's stock worth $503,000 after acquiring an additional 1,640 shares during the period. Verity Asset Management Inc. acquired a new stake in Air Lease during the 1st quarter worth approximately $348,000. Sequoia Financial Advisors LLC lifted its position in Air Lease by 10.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 71,283 shares of the transportation company's stock worth $3,444,000 after acquiring an additional 6,600 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its position in Air Lease by 17.0% during the 1st quarter. Harbor Capital Advisors Inc. now owns 190,296 shares of the transportation company's stock worth $9,193,000 after acquiring an additional 27,611 shares during the period. Hedge funds and other institutional investors own 94.59% of the company's stock.

Air Lease Stock Up 0.8%

AL opened at $58.12 on Friday. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.39 and a quick ratio of 0.39. The business has a 50 day simple moving average of $57.71 and a 200-day simple moving average of $50.67. The stock has a market capitalization of $6.50 billion, a P/E ratio of 10.16, a P/E/G ratio of 0.63 and a beta of 1.35. Air Lease Corporation has a 12 month low of $38.25 and a 12 month high of $60.41.

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

Air Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 4th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $0.88 annualized dividend and a yield of 1.51%. Air Lease's dividend payout ratio is presently 15.38%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays reaffirmed an "overweight" rating and set a $67.00 price objective (up from $56.00) on shares of Air Lease in a research report on Thursday, July 10th. Citigroup raised Air Lease from a "neutral" rating to a "buy" rating and increased their target price for the stock from $45.00 to $68.00 in a research note on Tuesday, May 20th. Finally, Wall Street Zen raised Air Lease from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $59.29.

Insider Transactions at Air Lease

In related news, EVP Grant A. Levy sold 10,000 shares of Air Lease stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $56.85, for a total transaction of $568,500.00. Following the completion of the transaction, the executive vice president directly owned 146,316 shares of the company's stock, valued at approximately $8,318,064.60. The trade was a 6.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 6.64% of the company's stock.

Air Lease 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.

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