Envestnet Asset Management Inc. Raises Stock Position in Air Lease Co. (NYSE:AL)

Envestnet Asset Management Inc. grew its holdings in Air Lease Co. (NYSE:AL) by 30.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 583,864 shares of the transportation company’s stock after acquiring an additional 137,614 shares during the period. Envestnet Asset Management Inc. owned about 0.53% of Air Lease worth $22,987,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Invesco Ltd. grew its holdings in Air Lease by 141.3% during the 1st quarter. Invesco Ltd. now owns 3,714,362 shares of the transportation company’s stock valued at $165,846,000 after purchasing an additional 2,175,100 shares in the last quarter. Wellington Management Group LLP grew its holdings in Air Lease by 36.7% during the 1st quarter. Wellington Management Group LLP now owns 5,446,382 shares of the transportation company’s stock valued at $243,180,000 after purchasing an additional 1,460,769 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Air Lease during the 1st quarter valued at $58,077,000. Norges Bank acquired a new stake in Air Lease during the 4th quarter valued at $41,846,000. Finally, Prudential Financial Inc. grew its holdings in Air Lease by 550.9% during the 1st quarter. Prudential Financial Inc. now owns 1,019,288 shares of the transportation company’s stock valued at $45,511,000 after purchasing an additional 862,698 shares in the last quarter. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Wall Street Analysts Forecast Growth

AL has been the subject of a number of recent analyst reports. Bank of America lowered their price target on shares of Air Lease from $65.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday. Citigroup raised their price target on shares of Air Lease from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Friday, August 11th. Finally, StockNews.com started coverage on shares of Air Lease in a report on Thursday, August 17th. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.80.

Insider Activity

In other news, EVP Alex A. Khatibi sold 25,000 shares of Air Lease stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $40.00, for a total value of $1,000,000.00. Following the completion of the transaction, the executive vice president now directly owns 89,266 shares of the company’s stock, valued at approximately $3,570,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.50% of the company’s stock.

Air Lease Price Performance

Shares of AL stock opened at $40.75 on Friday. The firm has a market cap of $4.52 billion, a P/E ratio of 9.54, a P/E/G ratio of 0.64 and a beta of 1.76. The company has a debt-to-equity ratio of 2.76, a current ratio of 0.41 and a quick ratio of 0.41. Air Lease Co. has a 1-year low of $30.08 and a 1-year high of $46.20. The firm has a fifty day moving average of $41.64 and a two-hundred day moving average of $40.49.

Air Lease (NYSE:AL) last posted its quarterly earnings results on Thursday, August 3rd. The transportation company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Air Lease had a net margin of 20.91% and a return on equity of 7.72%. The business had revenue of $672.90 million during the quarter, compared to analyst estimates of $657.68 million. As a group, research analysts anticipate that Air Lease Co. will post 4.57 earnings per share for the current fiscal year.

Air Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Tuesday, September 12th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Monday, September 11th. Air Lease’s dividend payout ratio (DPR) is presently 18.74%.

Air Lease Company Profile

Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet aircraft to airlines worldwide. It also sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines, and other investors. In addition, the company provides fleet management services to investors and owners of aircraft portfolios.