Norges Bank Purchases Shares of 1,025,002 Air Lease Co. (NYSE:AL)

Norges Bank acquired a new position in shares of Air Lease Co. (NYSE:AL) in the 4th quarter, HoldingsChannel reports. The fund acquired 1,025,002 shares of the transportation company’s stock, valued at approximately $49,415,000.

Several other hedge funds also recently modified their holdings of AL. SBI Securities Co. Ltd. bought a new position in Air Lease in the fourth quarter worth approximately $31,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Air Lease during the third quarter worth approximately $31,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Air Lease by 1,506.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,189 shares of the transportation company’s stock worth $57,000 after purchasing an additional 1,115 shares in the last quarter. Jones Financial Companies Lllp grew its position in Air Lease by 679.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,497 shares of the transportation company’s stock valued at $72,000 after purchasing an additional 1,305 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in Air Lease by 2,018.9% during the fourth quarter. Venturi Wealth Management LLC now owns 2,246 shares of the transportation company’s stock worth $108,000 after buying an additional 2,140 shares during the last quarter. Institutional investors own 94.59% of the company’s stock.

Air Lease Stock Down 6.9 %

AL opened at $42.00 on Friday. Air Lease Co. has a fifty-two week low of $39.43 and a fifty-two week high of $52.31. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.37 and a quick ratio of 0.37. The company’s 50-day moving average is $46.93 and its 200 day moving average is $46.97. The firm has a market capitalization of $4.69 billion, a P/E ratio of 12.61, a PEG ratio of 1.33 and a beta of 1.60.

Air Lease (NYSE:AL) last announced its earnings results on Thursday, February 13th. The transportation company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.44. Air Lease had a return on equity of 8.01% and a net margin of 15.65%. Research analysts expect that Air Lease Co. will post 5.16 earnings per share for the current fiscal year.

Air Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Tuesday, March 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Tuesday, March 18th. Air Lease’s dividend payout ratio is presently 26.43%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on AL shares. UBS Group set a $50.00 price objective on shares of Air Lease in a report on Friday, March 7th. Bank of America downgraded Air Lease from a “buy” rating to an “underperform” rating and cut their price target for the company from $72.00 to $50.00 in a research note on Friday, March 7th. Finally, JPMorgan Chase & Co. increased their price objective on Air Lease from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, Air Lease has a consensus rating of “Moderate Buy” and a consensus target price of $55.67.

Air Lease 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.