Covestor Ltd Sells 1,125 Shares of Air Lease Co. (NYSE:AL)

Covestor Ltd lessened its stake in Air Lease Co. (NYSE:AL) by 18.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,927 shares of the transportation company’s stock after selling 1,125 shares during the period. Covestor Ltd’s holdings in Air Lease were worth $223,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AL. Verity Asset Management Inc. grew its position in Air Lease by 10.0% in the third quarter. Verity Asset Management Inc. now owns 11,160 shares of the transportation company’s stock worth $505,000 after acquiring an additional 1,019 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Air Lease by 9.2% during the third quarter. Principal Financial Group Inc. now owns 830,047 shares of the transportation company’s stock worth $37,591,000 after purchasing an additional 69,887 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Air Lease by 18.6% in the 3rd quarter. QRG Capital Management Inc. now owns 7,979 shares of the transportation company’s stock worth $361,000 after purchasing an additional 1,253 shares in the last quarter. Innealta Capital LLC increased its position in shares of Air Lease by 11.5% during the 3rd quarter. Innealta Capital LLC now owns 6,397 shares of the transportation company’s stock valued at $290,000 after purchasing an additional 660 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Air Lease by 109.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 161,127 shares of the transportation company’s stock valued at $7,297,000 after buying an additional 84,016 shares in the last quarter. Institutional investors own 94.59% of the company’s stock.

Air Lease Stock Performance

NYSE:AL opened at $47.09 on Friday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.50 and a current ratio of 0.50. Air Lease Co. has a fifty-two week low of $36.37 and a fifty-two week high of $52.31. The business has a 50 day moving average price of $44.38 and a 200-day moving average price of $46.26. The firm has a market cap of $5.24 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 1.41 and a beta of 1.59.

Air Lease (NYSE:AL) last announced its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. Air Lease had a net margin of 20.85% and a return on equity of 8.97%. The business had revenue of $690.16 million during the quarter, compared to analysts’ expectations of $681.71 million. Equities research analysts predict that Air Lease Co. will post 4.83 earnings per share for the current year.

Air Lease Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Thursday, December 12th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, December 12th. This is an increase from Air Lease’s previous quarterly dividend of $0.21. Air Lease’s payout ratio is currently 17.99%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AL. Barclays cut their target price on Air Lease from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. TD Cowen started coverage on shares of Air Lease in a report on Monday, July 29th. They set a “buy” rating and a $58.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered their price target on shares of Air Lease from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Air Lease has an average rating of “Moderate Buy” and an average price target 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.