Today, Brokerages Set Fly Leasing Ltd. (FLY) Target Price at $16.50

Today, Brokerages Set Fly Leasing Ltd. (FLY) Target Price at $16.50
Shares of Fly Leasing Ltd. (NYSE:FLY) have earned a consensus rating of “Buy” from the seven research firms that are covering the company. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $16.50.

Several equities research analysts recently issued reports on FLY shares. Deutsche Bank AG raised their target price on shares of Fly Leasing from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. Citigroup Inc. reduced their price target on shares of Fly Leasing from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 19th. TheStreet raised shares of Fly Leasing from a “sell” rating to a “hold” rating in a research report on Monday, August 22nd. Bank of America Corp. set a $16.00 price target on shares of Fly Leasing and gave the company a “hold” rating in a research report on Saturday, November 19th. Finally, Zacks Investment Research raised shares of Fly Leasing from a “sell” rating to a “hold” rating in a research report on Friday, November 18th.

Shares of Fly Leasing (NYSE:FLY) opened at 13.95 on Monday. The firm has a 50 day moving average of $12.48 and a 200-day moving average of $11.70. Fly Leasing has a 12 month low of $9.54 and a 12 month high of $14.10. The stock has a market capitalization of $452.72 million, a P/E ratio of 9.27 and a beta of 0.88.

Fly Leasing (NYSE:FLY) last released its earnings results on Thursday, November 17th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.16. Fly Leasing had a net margin of 16.48% and a return on equity of 17.29%. The business had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $84.40 million. During the same period last year, the company earned $0.99 earnings per share. The company’s quarterly revenue was down 24.3% on a year-over-year basis. Analysts forecast that Fly Leasing will post $1.25 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of FLY. Donald Smith & CO. Inc. boosted its position in Fly Leasing by 30.8% in the third quarter. Donald Smith & CO. Inc. now owns 3,217,641 shares of the company’s stock worth $37,292,000 after buying an additional 757,738 shares during the last quarter. Hawkeye Capital Management LLC purchased a new position in Fly Leasing during the second quarter worth approximately $17,402,000. FMR LLC boosted its position in Fly Leasing by 10.1% in the second quarter. FMR LLC now owns 1,125,270 shares of the company’s stock worth $11,174,000 after buying an additional 102,780 shares during the last quarter. Morgan Stanley boosted its position in Fly Leasing by 20.1% in the third quarter. Morgan Stanley now owns 896,858 shares of the company’s stock worth $10,394,000 after buying an additional 150,091 shares during the last quarter. Finally, US Bancorp DE boosted its position in Fly Leasing by 13.8% in the second quarter. US Bancorp DE now owns 747,948 shares of the company’s stock worth $7,428,000 after buying an additional 90,744 shares during the last quarter. 55.16% of the stock is currently owned by institutional investors and hedge funds.

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