PNC Financial Services Group Inc. Sells 2,209 Shares of Air Lease Corporation (NYSE:AL)

PNC Financial Services Group Inc. lowered its stake in shares of Air Lease Corporation (NYSE:AL) by 18.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. LPL Financial LLC raised its holdings in Air Lease by 49.3% in the 4th quarter. LPL Financial LLC now owns 40,643 shares of the transportation company’s stock valued at $1,959,000 after acquiring an additional 13,416 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Air Lease by 1.9% in the fourth quarter. Alliancebernstein L.P. now owns 57,256 shares of the transportation company’s stock valued at $2,760,000 after purchasing an additional 1,086 shares in the last quarter. Franklin Resources Inc. bought a new position in Air Lease in the fourth quarter worth $1,127,000. Bank of Montreal Can boosted its stake in Air Lease by 9.8% during the fourth quarter. Bank of Montreal Can now owns 77,940 shares of the transportation company’s stock worth $3,757,000 after buying an additional 6,956 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Air Lease in the 4th quarter valued at $31,414,000. 94.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Air Lease

In related news, EVP David Beker sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $55.44, for a total transaction 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 represents a 9.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.64% of the company’s stock.

Analyst Ratings Changes

AL has been the subject of a number of analyst reports. Citigroup raised shares of Air Lease from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $45.00 to $68.00 in a report on Tuesday, May 20th. Barclays restated an “overweight” rating and set a $67.00 price target (up previously from $56.00) on shares of Air Lease in a research note on Thursday, July 10th. Finally, Wall Street Zen raised Air Lease from a “hold” rating to a “buy” rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, Air Lease currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.50.

Air Lease Price Performance

NYSE:AL opened at $58.32 on Thursday. The firm has a market cap of $6.52 billion, a PE ratio of 7.08, a price-to-earnings-growth ratio of 0.60 and a beta of 1.41. The company’s 50-day moving average price is $57.35 and its two-hundred day moving average price is $51.49. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.47. Air Lease Corporation has a 12 month low of $38.25 and a 12 month high of $60.41.

Air Lease (NYSE:AL) last announced its earnings results on Monday, August 4th. The transportation company reported $1.40 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $723.35 million. During the same period in the previous year, the business earned $1.23 EPS. Air Lease’s revenue was up 9.7% compared to the same quarter last year. On average, equities analysts anticipate that Air Lease Corporation will post 5.16 EPS for the current fiscal year.

Air Lease Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 8th. Stockholders of record on Wednesday, September 3rd will be paid a $0.22 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.5%. Air Lease’s dividend payout ratio (DPR) is 10.68%.

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 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.