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. “
FLY has been the subject of a number of other reports. JPMorgan Chase & Co. upgraded Fly Leasing from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $17.00 to $15.00 in a research report on Tuesday, May 26th. They noted that the move was a valuation call. ValuEngine downgraded Fly Leasing from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd.
Several institutional investors and hedge funds have recently bought and sold shares of FLY. Basswood Capital Management L.L.C. purchased a new stake in shares of Fly Leasing during the 1st quarter worth about $3,766,000. Donald Smith & CO. Inc. raised its stake in shares of Fly Leasing by 25.6% in the 1st quarter. Donald Smith & CO. Inc. now owns 2,596,946 shares of the transportation company’s stock valued at $18,282,000 after acquiring an additional 528,541 shares in the last quarter. FMR LLC raised its stake in shares of Fly Leasing by 2,010.3% in the 2nd quarter. FMR LLC now owns 453,811 shares of the transportation company’s stock valued at $3,725,000 after acquiring an additional 432,306 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Fly Leasing by 15.2% in the 1st quarter. Acadian Asset Management LLC now owns 1,134,269 shares of the transportation company’s stock valued at $7,986,000 after acquiring an additional 149,811 shares in the last quarter. Finally, Balyasny Asset Management LLC bought a new position in shares of Fly Leasing in the 2nd quarter valued at approximately $840,000. 38.89% of the stock is owned by institutional investors.
Fly Leasing Company Profile
Fly Leasing Limited, through its subsidiaries, purchases and leases commercial aircraft under multi-year contracts to various airlines worldwide. As of December 31, 2018, it had a portfolio of 101 aircraft, including 90 narrow-body passenger aircraft and 11 wide-body passenger aircraft, as well as 7 engines.
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