Bank of America Reaffirms “Buy” Rating for Air Lease (AL)

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Bank of America reiterated their buy rating on shares of Air Lease (NYSE:AL) in a research report sent to investors on Thursday morning. They currently have a $57.00 target price on the transportation company’s stock.

AL has been the topic of a number of other reports. ValuEngine lowered Air Lease from a buy rating to a hold rating in a research note on Wednesday, May 2nd. Zacks Investment Research lowered Air Lease from a hold rating to a sell rating in a research note on Monday, August 6th. Citigroup boosted their price objective on Air Lease from $49.00 to $50.00 and gave the company a neutral rating in a research note on Wednesday. Royal Bank of Canada upped their target price on Air Lease from $91.00 to $93.00 and gave the stock a top pick rating in a research note on Friday, August 10th. Finally, Compass Point restated a buy rating and issued a $58.00 target price on shares of Air Lease in a research note on Sunday, August 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Air Lease currently has a consensus rating of Buy and a consensus target price of $55.85.

NYSE:AL opened at $45.46 on Thursday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.85 and a current ratio of 0.85. Air Lease has a 52-week low of $38.46 and a 52-week high of $50.70. The firm has a market cap of $4.69 billion, a P/E ratio of 12.45, a P/E/G ratio of 1.40 and a beta of 1.80.

Air Lease (NYSE:AL) last released its quarterly earnings data on Thursday, August 9th. The transportation company reported $1.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.04. Air Lease had a return on equity of 10.85% and a net margin of 51.22%. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $400.11 million. During the same period in the previous year, the company posted $1.51 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. research analysts forecast that Air Lease will post 4.45 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 14th will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.88%. Air Lease’s dividend payout ratio is currently 10.96%.

In other Air Lease news, EVP John D. Poerschke sold 12,144 shares of the company’s stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $44.98, for a total value of $546,237.12. Following the transaction, the executive vice president now directly owns 43,500 shares in the company, valued at approximately $1,956,630. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Grant A. Levy sold 27,000 shares of the company’s stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $45.05, for a total value of $1,216,350.00. Following the completion of the transaction, the executive vice president now owns 195,399 shares of the company’s stock, valued at $8,802,724.95. The disclosure for this sale can be found here. Insiders sold a total of 44,144 shares of company stock worth $1,990,187 over the last 90 days. Corporate insiders own 9.32% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hahn Capital Management LLC purchased a new position in shares of Air Lease in the 2nd quarter worth about $8,370,000. Jane Street Group LLC purchased a new position in shares of Air Lease in the 2nd quarter worth about $618,000. Advisors Asset Management Inc. boosted its holdings in shares of Air Lease by 1,105.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 37,552 shares of the transportation company’s stock worth $100,000 after purchasing an additional 34,436 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of Air Lease by 19.4% in the 2nd quarter. California Public Employees Retirement System now owns 275,540 shares of the transportation company’s stock worth $11,564,000 after purchasing an additional 44,713 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Air Lease by 206.0% in the 2nd quarter. Millennium Management LLC now owns 669,641 shares of the transportation company’s stock worth $28,105,000 after purchasing an additional 450,809 shares in the last quarter. Hedge funds and other institutional investors own 86.43% of the company’s stock.

About Air Lease

Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet transport aircraft to airlines worldwide. The company also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, and airlines.

Further Reading: Fundamental Analysis

Analyst Recommendations for Air Lease (NYSE:AL)

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