The Vanguard Group, Inc. recently announced the acquisition of new stake in Air Lease Corp (NYSE:AL). The institutional investor has increased its shareholding in the Industrials company by 0.22% to 9.98 million shares with purchase of 22274.0 shares. This fresh investment now brings its stake to 8.99% valued currently at $418.73 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.1 million to 6.66 million shares. And BlackRock Fund Advisors has lifted its position by 1.64% or 62452.0 shares – to 3.87 million shares.
With over 0.46 million Air Lease Corp (AL) shares trading Friday and a closing price of $39.89 on the day, the dollar volume was approximately $18.33 million. The shares have shown a negative half year performance of -6.03% and its price on 01/12/24 lost nearly -1.85%. Currently, there are 110.89M common shares owned by the public and among those 103.21M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for AL have a consensus price objective of $52.78. The analysts have set the share’s price value over the next 12 months at a high of $60.00 and a low of $41.00. The average price target is 24.42% above its recent price level and an upside to the estimated low will see the stock gain 2.71% over that period. But an upside of 33.52% will see the stock hit the forecast high price target while median target price for the stock is $55.00.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 177,515 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 82,977 shares.
The top 3 mutual fund holders in Air Lease Corp are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Washington Mutual Investors Fund. Vanguard Total Stock Market ETF owns 3.3 million shares of the company’s stock, all valued at over $138.27 million. The company bought an additional 4127.0 shares recently to bring their total holdings to about 2.97% of the shares outstanding. Vanguard Small Cap Index Fund bought 12692.0 shares to see its total holdings expand to 2.73 million shares valued at over $114.62 million and representing 2.46% of the shares outstanding. Washington Mutual Investors Fund sold 6864.0 shares to bring its total holdings to over 2.53 million shares at a value of $106.1 million. Washington Mutual Investors Fund now owns shares totaling to 2.28% of the shares outstanding.
Shares of Air Lease Corp (NYSE: AL) opened at $40.85, up $0.21 from a prior closing price of $40.64. However, the script later moved the day high at 41.08, down -1.85%. The company’s stock has a 5-day price change of -0.89% and 9.35% over the past three months. AL shares are trading -4.89% year to date (YTD), with the 12-month market performance down to -5.92% lower. It has a 12-month low price of $33.33 and touched a high of $46.20 over the same period. AL has an average intraday trading volume of 801.64K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.52%, 2.02%, and 0.90% respectively.
Institutional ownership of Air Lease Corp (NYSE: AL) shares accounts for 89.75% of the company’s 110.89M shares outstanding. Mutual fund holders own 40.82%, while other institutional holders and individual stakeholders account for 49.16% and 29.66% respectively.
It has a market capitalization of $4.43B and a beta (3y monthly) value of 1.65. The stock’s trailing 12-month PE ratio is 8.92, while the earnings-per-share (ttm) stands at $4.47. The company has a PEG of 0.34 and a Quick Ratio of 0.36 with the debt-to-equity ratio at 2.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.77% over the week and 2.01% over the month.
Analysts forecast that Air Lease Corp (AL) will achieve an EPS of $1.12 for the current quarter, $1.08 for the next quarter and $4.78 for 2024. The lowest estimate earnings-per-share for the quarter is $1.02 while analysts give the company a high EPS estimate of $1.19. Comparatively, EPS for the current quarter was $1.21 a year ago. Earnings per share for the fiscal year are expected to increase by 450.59%, and 10.47% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Air Lease Corp (AL) as a “Strong Buy” at a consensus score of 1.33. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 1 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AL, a number of firms have released research notes about the stock. BMO Capital Markets stated their Outperform rating for the stock in a research note on January 10, 2024, with the firm’s price target at $54.
