I used to hold FLY a few years ago along with AYR. I liked it for the industry it's in along with being the highest dividend payer in the group. The payout ratio got a bit too pronounced for my liking and I sold off. Now it seems this company has returned to the sweet spot of the group and with airlines less interested in long-term financing of purchases, this is a good play once again. The key of course will be entry point and if the China/Bernanke fused sell-off goes a bit longer, buying in the low $15's is a steal.
Derek- Agreed, fly is Best Of Breed. In my opinion, the market will have to be spanked hard to purchase in the low 15's. Should the company raise the dividend, a real possibility in the short term, it should take the share price to a new high. Not speaking of 07 and 08 when the share price traded at 1.5-2 times book, but more recently. All of the leasors are buys at these levels (discount to book) and an understated book I may add.
What a difference a few weeks make. Not only can you now get FLY in the low 15's if you wait a few minutes you will be able to get it BELOW $15/share. Wait a few days and you will be able to buy it BELOW $14/share.