Summit Global Investments Makes New Investment in Alexander & Baldwin, Inc. (NYSE:ALEX)

Summit Global Investments bought a new position in Alexander & Baldwin, Inc. (NYSE:ALEX) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 35,632 shares of the financial services provider’s stock, valued at approximately $678,000.

Several other hedge funds have also added to or reduced their stakes in ALEX. CenterBook Partners LP boosted its holdings in shares of Alexander & Baldwin by 2.1% during the third quarter. CenterBook Partners LP now owns 60,705 shares of the financial services provider’s stock worth $1,016,000 after purchasing an additional 1,247 shares during the period. Regency Capital Management Inc. DE increased its stake in shares of Alexander & Baldwin by 27.9% during the fourth quarter. Regency Capital Management Inc. DE now owns 322,232 shares of the financial services provider’s stock valued at $6,129,000 after buying an additional 70,251 shares during the period. DigitalBridge Group Inc. raised its holdings in shares of Alexander & Baldwin by 26.9% during the third quarter. DigitalBridge Group Inc. now owns 1,062,380 shares of the financial services provider’s stock valued at $17,774,000 after acquiring an additional 225,441 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in Alexander & Baldwin by 51.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 173,375 shares of the financial services provider’s stock worth $3,331,000 after acquiring an additional 58,701 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in Alexander & Baldwin by 74.1% in the third quarter. Janney Montgomery Scott LLC now owns 26,165 shares of the financial services provider’s stock valued at $438,000 after acquiring an additional 11,132 shares in the last quarter. 91.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on ALEX shares. TheStreet cut shares of Alexander & Baldwin from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Piper Sandler lowered their price objective on shares of Alexander & Baldwin from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Alexander & Baldwin has a consensus rating of “Hold” and an average target price of $18.50.

Alexander & Baldwin Stock Performance

Shares of ALEX stock opened at $16.45 on Friday. The stock has a market cap of $1.19 billion, a PE ratio of 26.97 and a beta of 1.21. The company has a current ratio of 0.38, a quick ratio of 0.43 and a debt-to-equity ratio of 0.45. Alexander & Baldwin, Inc. has a 12 month low of $15.53 and a 12 month high of $19.99. The company’s fifty day moving average price is $16.28 and its 200-day moving average price is $16.97.

Alexander & Baldwin (NYSE:ALEX) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $61.20 million for the quarter, compared to analysts’ expectations of $51.55 million. Alexander & Baldwin had a return on equity of 4.76% and a net margin of 20.25%. During the same period in the prior year, the firm posted $0.29 earnings per share. On average, equities analysts expect that Alexander & Baldwin, Inc. will post 1.14 EPS for the current fiscal year.

Alexander & Baldwin Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Friday, June 14th will be paid a $0.222 dividend. This represents a $0.89 annualized dividend and a dividend yield of 5.40%. The ex-dividend date is Friday, June 14th. Alexander & Baldwin’s dividend payout ratio is currently 145.90%.

Alexander & Baldwin Profile

Alexander & Baldwin, Inc (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers, 13 industrial assets and four office properties, as well as 142.0 acres of ground lease assets.