Fly Leasing Upgraded by Wells Fargo & Co. to “Outperform” (FLY)

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Fly Leasing (NYSE:FLY) was upgraded by analysts at Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports.

Separately, analysts at RBC Capital raised their price target on shares of Fly Leasing from $18.00 to $20.00 in a research note on Friday, March 7th. They now have an “outperform” rating on the stock. Four investment analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average price target of $18.53.

Shares of Fly Leasing (NYSE:FLY) traded up 0.80% on Friday, hitting $13.81. 208,289 shares of the company’s stock traded hands. Fly Leasing has a 1-year low of $12.63 and a 1-year high of $17.37. The stock’s 50-day moving average is $14.47 and its 200-day moving average is $15.09. The company has a market cap of $570.4 million and a price-to-earnings ratio of 9.13.

Fly Leasing (NYSE:FLY) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.13 by $0.01. The company had revenue of $90.50 million for the quarter, compared to the consensus estimate of $91.88 million. During the same quarter in the prior year, the company posted $1.37 earnings per share. The company’s quarterly revenue was down 20.2% on a year-over-year basis. Analysts expect that Fly Leasing will post $1.13 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, May 20th. Stockholders of record on Wednesday, April 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 7.30%. The ex-dividend date is Monday, April 28th.

Fly Leasing Limited, formerly Babcock & Brown Air Limited (NYSE:FLY), is a global lessor of modern, fuel-efficient commercial jet aircraft.

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