Zurcher Kantonalbank Zurich Cantonalbank Cuts Position in Air Lease Co. (NYSE:AL)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Air Lease Co. (NYSE:AL - Free Report) by 55.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,104 shares of the transportation company's stock after selling 22,930 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Air Lease were worth $820,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its stake in shares of Air Lease by 12.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,468 shares of the transportation company's stock worth $157,000 after purchasing an additional 389 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Air Lease by 6.0% during the third quarter. The Manufacturers Life Insurance Company now owns 24,665 shares of the transportation company's stock valued at $1,117,000 after buying an additional 1,390 shares during the last quarter. Bank of Montreal Can raised its position in Air Lease by 1.4% in the third quarter. Bank of Montreal Can now owns 70,984 shares of the transportation company's stock worth $3,250,000 after acquiring an additional 966 shares during the period. Loomis Sayles & Co. L P purchased a new position in shares of Air Lease during the 3rd quarter worth $18,289,000. Finally, Raymond James Trust N.A. grew its position in shares of Air Lease by 26.3% during the 3rd quarter. Raymond James Trust N.A. now owns 36,274 shares of the transportation company's stock valued at $1,643,000 after acquiring an additional 7,563 shares during the period. 94.59% of the stock is owned by institutional investors.

Air Lease Price Performance

AL stock traded down $0.57 during trading on Friday, reaching $50.03. The company's stock had a trading volume of 489,215 shares, compared to its average volume of 657,759. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.63. The company's fifty day moving average is $46.64 and its 200-day moving average is $46.25. The company has a market capitalization of $5.57 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 1.59 and a beta of 1.61. Air Lease Co. has a 1 year low of $38.92 and a 1 year high of $52.31.

Air Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Thursday, December 12th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, December 12th. This represents a $0.88 annualized dividend and a dividend yield of 1.76%. This is a boost from Air Lease's previous quarterly dividend of $0.21. Air Lease's dividend payout ratio (DPR) is currently 19.13%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Air Lease from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Tuesday, November 12th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Air Lease in a research note on Thursday, November 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Air Lease presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.60.

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.