Fly Leasing Ltd (NYSE:FLY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Fly Leasing Limited, formerly known as Babcock & Brown Air Limited, is engaged in acquiring and leasing modern, high-demand and fuel-efficient commercial jet aircraft under long-term contracts to a diverse group of airlines throughout the world. The Company’s strategy is to effectively manage its fleet and grow its portfolio through accretive acquisitions of aircraft. FLY Leasing is managed and serviced by BBAM L.P., an aircraft leasing company. BBAM acts as manager of FLY Leasing and servicer of the aircraft portfolio under multi-year management and servicing agreements. In addition to arranging for the leasing of the fleet, BBAM assists in the acquiring and disposing of aircraft, marketeering aircraft for lease and release, collecting rents and other payments from the lessees of aircraft, monitoring maintenance, insurance and other obligations under leases, and enforcing FLY Leasing’s rights against lessees. BBAM is an independent company. FLY Leasing Limited is headquartered in Dublin, Ireland. “
A number of other research analysts also recently issued reports on FLY. Bank of America Corp set a $16.00 price target on shares of Fly Leasing and gave the stock a “hold” rating in a research report on Saturday, November 19th. Royal Bank of Canada reduced their price target on shares of Fly Leasing from $24.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, March 10th. TheStreet downgraded shares of Fly Leasing from a “c” rating to a “d” rating in a research report on Thursday, March 9th. Finally, Compass Point raised shares of Fly Leasing from a “neutral” rating to a “buy” rating and set a $16.50 price objective on the stock in a report on Friday, March 10th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $17.21.
Shares of Fly Leasing (NYSE:FLY) opened at 13.36 on Friday. The stock’s market cap is $430.94 million. The firm has a 50 day moving average of $13.77 and a 200 day moving average of $13.08. Fly Leasing has a one year low of $9.54 and a one year high of $14.45.
Fly Leasing (NYSE:FLY) last posted its quarterly earnings results on Thursday, March 9th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by $2.55. Fly Leasing had a return on equity of 17.29% and a net margin of 16.48%. The business earned $100.60 million during the quarter, compared to the consensus estimate of $95.77 million. During the same quarter in the previous year, the business posted $1.54 earnings per share. The company’s quarterly revenue was down 18.6% compared to the same quarter last year. On average, equities research analysts predict that Fly Leasing will post $1.78 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in FLY. Telemus Capital LLC purchased a new stake in Fly Leasing during the third quarter worth $116,000. Berson & Corrado Investment Advisors LLC purchased a new stake in Fly Leasing during the third quarter worth $735,000. Bank of Montreal Can boosted its stake in Fly Leasing by 2.2% in the third quarter. Bank of Montreal Can now owns 140,226 shares of the company’s stock worth $1,625,000 after buying an additional 2,990 shares during the period. Acadian Asset Management LLC purchased a new stake in Fly Leasing during the third quarter worth $2,110,000. Finally, California Public Employees Retirement System boosted its stake in Fly Leasing by 15.1% in the third quarter. California Public Employees Retirement System now owns 72,400 shares of the company’s stock worth $839,000 after buying an additional 9,500 shares during the period. 52.70% of the stock is currently owned by institutional investors and hedge funds.
About Fly Leasing
Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines. The Company operates through aircraft leasing segment. The Company primarily acquires aircraft by entering into purchase and leaseback transactions with airlines for new aircraft; purchasing portfolios, which consists of aircraft of various types and ages, and acquiring individual aircraft.
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