Eastern Bank Buys New Shares in Air Lease Co. (NYSE:AL)

Eastern Bank bought a new stake in shares of Air Lease Co. (NYSE:AL) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 600 shares of the transportation company’s stock, valued at approximately $27,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Air Lease by 23.6% in the 1st quarter. Vanguard Group Inc. now owns 12,578,106 shares of the transportation company’s stock worth $647,018,000 after acquiring an additional 2,404,649 shares during the last quarter. American Century Companies Inc. grew its holdings in Air Lease by 5.0% in the 2nd quarter. American Century Companies Inc. now owns 2,433,676 shares of the transportation company’s stock worth $115,673,000 after acquiring an additional 115,293 shares during the last quarter. Earnest Partners LLC grew its holdings in Air Lease by 7.4% in the 2nd quarter. Earnest Partners LLC now owns 2,269,280 shares of the transportation company’s stock worth $107,859,000 after acquiring an additional 155,665 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Air Lease by 5.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,119,561 shares of the transportation company’s stock worth $100,743,000 after acquiring an additional 101,568 shares during the last quarter. Finally, Copeland Capital Management LLC grew its holdings in Air Lease by 0.7% in the 3rd quarter. Copeland Capital Management LLC now owns 1,830,994 shares of the transportation company’s stock worth $82,926,000 after acquiring an additional 12,441 shares during the last quarter. Institutional investors own 94.59% of the company’s stock.

Air Lease Trading Up 0.8 %

Shares of AL opened at $44.59 on Friday. The firm’s 50-day moving average price is $44.37 and its 200-day moving average price is $46.50. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 8.99, a PEG ratio of 1.29 and a beta of 1.59. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 2.69. Air Lease Co. has a 1-year low of $33.33 and a 1-year high of $52.31.

Air Lease (NYSE:AL) last announced its earnings results on Thursday, August 1st. The transportation company reported $1.15 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.41). The company had revenue of $667.29 million for the quarter, compared to the consensus estimate of $687.93 million. Air Lease had a net margin of 20.85% and a return on equity of 8.97%. Sell-side analysts anticipate that Air Lease Co. will post 4.83 EPS for the current year.

Air Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 9th. Investors of record on Friday, September 6th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Friday, September 6th. Air Lease’s payout ratio is currently 16.94%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Cowen assumed coverage on shares of Air Lease in a report on Monday, July 29th. They issued a “buy” rating and a $58.00 price target on the stock. JPMorgan Chase & Co. cut their price target on shares of Air Lease from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Finally, Barclays cut their price target on shares of Air Lease from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.75.

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.