Zacks Investment Research Lowers Fly Leasing (FLY) to Hold

Fly Leasing (NYSE:FLY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.

According to Zacks, “Fly Leasing Limited, formerly known as Babcock & Brown Air Limited, is engaged in acquiring and leasing modern, high-demand and fuel-efficient commercial jet aircraft under long-term contracts to a diverse group of airlines throughout the world. The Company’s strategy is to effectively manage its fleet and grow its portfolio through accretive acquisitions of aircraft. FLY Leasing is managed and serviced by BBAM L.P., an aircraft leasing company. BBAM acts as manager of FLY Leasing and servicer of the aircraft portfolio under multi-year management and servicing agreements. In addition to arranging for the leasing of the fleet, BBAM assists in the acquiring and disposing of aircraft, marketeering aircraft for lease and release, collecting rents and other payments from the lessees of aircraft, monitoring maintenance, insurance and other obligations under leases, and enforcing FLY Leasing’s rights against lessees. BBAM is an independent company. FLY Leasing Limited is headquartered in Dublin, Ireland. “

Several other research analysts have also recently issued reports on the stock. ValuEngine upgraded shares of Fly Leasing from a “hold” rating to a “buy” rating in a report on Tuesday, May 29th. Royal Bank of Canada raised their target price on shares of Fly Leasing to $30.00 and gave the stock an “outperform” rating in a report on Monday, May 7th. Finally, Citigroup raised their target price on shares of Fly Leasing from $14.00 to $14.50 and gave the stock a “sell” rating in a report on Friday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $18.58.

Shares of Fly Leasing stock traded up $0.05 on Monday, hitting $15.04. The stock had a trading volume of 292,300 shares, compared to its average volume of 118,773. The company has a debt-to-equity ratio of 4.29, a quick ratio of 1.33 and a current ratio of 1.33. Fly Leasing has a one year low of $11.54 and a one year high of $15.32. The stock has a market capitalization of $430.18 million, a price-to-earnings ratio of 167.11, a P/E/G ratio of 0.66 and a beta of 1.09.

Fly Leasing (NYSE:FLY) last issued its earnings results on Thursday, August 23rd. The transportation company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.18. Fly Leasing had a net margin of 7.43% and a return on equity of 5.79%. The firm had revenue of $99.30 million for the quarter, compared to analysts’ expectations of $98.62 million. During the same quarter last year, the business earned $0.31 earnings per share. The business’s revenue was up 25.4% on a year-over-year basis. equities research analysts forecast that Fly Leasing will post 2.27 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. Uniplan Investment Counsel Inc. boosted its holdings in Fly Leasing by 1.5% in the first quarter. Uniplan Investment Counsel Inc. now owns 543,957 shares of the transportation company’s stock valued at $7,240,000 after acquiring an additional 7,815 shares in the last quarter. Dalton Greiner Hartman Maher & Co. boosted its holdings in Fly Leasing by 42.9% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 408,329 shares of the transportation company’s stock valued at $5,753,000 after acquiring an additional 122,631 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Fly Leasing by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 375,692 shares of the transportation company’s stock valued at $5,001,000 after acquiring an additional 98,431 shares in the last quarter. US Bancorp DE boosted its holdings in Fly Leasing by 2.1% in the second quarter. US Bancorp DE now owns 349,179 shares of the transportation company’s stock valued at $4,920,000 after acquiring an additional 7,050 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in Fly Leasing by 110.0% in the second quarter. Point72 Asset Management L.P. now owns 287,453 shares of the transportation company’s stock valued at $4,050,000 after acquiring an additional 150,603 shares in the last quarter. Institutional investors and hedge funds own 49.06% of the company’s stock.

About Fly Leasing

Fly Leasing Limited, through its subsidiaries, purchases and leases commercial aircrafts under multi-year contracts to various airlines worldwide. As of December 31, 2017, the company had a portfolio of 85 aircrafts, including 73 narrow-body passenger aircrafts and 12 wide-body passenger aircrafts. Fly Leasing Limited was founded in 2007 and is headquartered in Dún Laoghaire, Ireland.

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