Tower Research Capital LLC TRC purchased a new position in shares of Air Lease Corp (NYSE:AL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 30,149 shares of the transportation company’s stock, valued at approximately $1,246,000.
Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Air Lease by 9.6% in the fourth quarter. Geode Capital Management LLC now owns 1,048,838 shares of the transportation company’s stock valued at $31,685,000 after buying an additional 91,899 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Air Lease by 16.2% in the first quarter. BNP Paribas Arbitrage SA now owns 5,478 shares of the transportation company’s stock valued at $188,000 after buying an additional 764 shares during the period. SG Americas Securities LLC bought a new stake in shares of Air Lease in the first quarter valued at $594,000. ETF Managers Group LLC raised its stake in shares of Air Lease by 10.3% in the first quarter. ETF Managers Group LLC now owns 3,376 shares of the transportation company’s stock valued at $116,000 after buying an additional 316 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Air Lease by 580.6% in the first quarter. JPMorgan Chase & Co. now owns 156,768 shares of the transportation company’s stock valued at $5,385,000 after buying an additional 133,735 shares during the period. Institutional investors and hedge funds own 91.67% of the company’s stock.
In other news, Chairman Steven F. Udvar-Hazy sold 5,763 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $38.63, for a total value of $222,624.69. Following the completion of the sale, the chairman now owns 1,308,378 shares of the company’s stock, valued at approximately $50,542,642.14. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steven F. Udvar-Hazy sold 507,789 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $38.58, for a total value of $19,590,499.62. Following the completion of the sale, the insider now directly owns 1,334,842 shares of the company’s stock, valued at approximately $51,498,204.36. The disclosure for this sale can be found here. Insiders sold a total of 911,649 shares of company stock valued at $35,904,901 over the last quarter. Company insiders own 8.76% of the company’s stock.
Air Lease (NYSE:AL) last posted its quarterly earnings data on Thursday, August 8th. The transportation company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.17). Air Lease had a return on equity of 11.16% and a net margin of 30.00%. The firm had revenue of $471.40 million during the quarter, compared to analysts’ expectations of $483.40 million. During the same quarter in the previous year, the company posted $1.44 earnings per share. Air Lease’s revenue for the quarter was up 18.5% compared to the same quarter last year. As a group, sell-side analysts expect that Air Lease Corp will post 5.23 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Sunday, September 15th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend is Thursday, September 12th. Air Lease’s payout ratio is currently 11.30%.
A number of research firms recently issued reports on AL. Zacks Investment Research lowered Air Lease from a “hold” rating to a “sell” rating and set a $43.00 price objective on the stock. in a research note on Friday, August 2nd. ValuEngine lowered Air Lease from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Cowen restated an “outperform” rating and set a $49.00 target price (down from $50.00) on shares of Air Lease in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Air Lease has a consensus rating of “Hold” and an average price target of $47.80.
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.
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