Air Lease Corporation (NYSE:AL) Stake Lessened by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in shares of Air Lease Corporation (NYSE:AL) by 18.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,606 shares of the transportation company’s stock after selling 2,209 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Air Lease were worth $464,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Jefferies Financial Group Inc. acquired a new position in Air Lease in the 1st quarter valued at approximately $854,000. BCGM Wealth Management LLC grew its holdings in shares of Air Lease by 5.5% during the 1st quarter. BCGM Wealth Management LLC now owns 48,473 shares of the transportation company’s stock valued at $2,342,000 after acquiring an additional 2,542 shares in the last quarter. Thornburg Investment Management Inc. increased its stake in shares of Air Lease by 5.6% in the first quarter. Thornburg Investment Management Inc. now owns 175,146 shares of the transportation company’s stock worth $8,461,000 after acquiring an additional 9,298 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Air Lease by 5.4% during the first quarter. Mackenzie Financial Corp now owns 32,375 shares of the transportation company’s stock worth $1,564,000 after acquiring an additional 1,650 shares in the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Air Lease by 11.3% during the first quarter. LPL Financial LLC now owns 45,244 shares of the transportation company’s stock worth $2,186,000 after acquiring an additional 4,601 shares in the last quarter. Hedge funds and other institutional investors own 94.59% of the company’s stock.

Air Lease Price Performance

NYSE AL opened at $58.32 on Thursday. Air Lease Corporation has a fifty-two week low of $38.25 and a fifty-two week high of $60.41. The stock’s 50-day moving average is $57.35 and its two-hundred day moving average is $51.49. The firm has a market cap of $6.52 billion, a P/E ratio of 7.08, a price-to-earnings-growth ratio of 0.60 and a beta of 1.41. The company has a debt-to-equity ratio of 2.47, a current ratio of 0.42 and a quick ratio of 0.42.

Air Lease (NYSE:AL) last issued its quarterly earnings data on Monday, August 4th. The transportation company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. Air Lease had a return on equity of 7.99% and a net margin of 34.04%. The business had revenue of $731.70 million for the quarter, compared to analyst estimates of $723.35 million. During the same quarter in the prior year, the firm posted $1.23 EPS. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, 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 will be paid on Wednesday, October 8th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, September 3rd. Air Lease’s dividend payout ratio is currently 10.68%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Barclays restated an “overweight” rating and issued a $67.00 target price (up previously from $56.00) on shares of Air Lease in a research note on Thursday, July 10th. Citigroup upgraded Air Lease from a “neutral” rating to a “buy” rating and lifted their price target for the company from $45.00 to $68.00 in a report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Air Lease from a “hold” rating to a “buy” rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.50.

Insider Transactions at Air Lease

In related news, EVP David Beker sold 2,000 shares of Air Lease stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $55.44, for a total value of $110,880.00. Following the transaction, the executive vice president owned 19,770 shares in the company, valued at $1,096,048.80. This trade represents a 9.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.64% of the company’s stock.

About Air Lease

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.