Alexander & Baldwin, Inc. (ALEX) to Issue Quarterly Dividend of $0.22 on October 7th

Alexander & Baldwin, Inc. (NYSE:ALEX) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Investors of record on Friday, September 20th will be given a dividend of 0.2225 per share by the financial services provider on Monday, October 7th. This represents a $0.89 annualized dividend and a yield of 4.85%. The ex-dividend date is Friday, September 20th. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22.

Alexander & Baldwin has increased its dividend by an average of 37.4% annually over the last three years. Alexander & Baldwin has a payout ratio of 161.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Alexander & Baldwin to earn $1.07 per share next year, which means the company should continue to be able to cover its $0.89 annual dividend with an expected future payout ratio of 83.2%.

Alexander & Baldwin Stock Up 0.4 %

ALEX stock opened at $18.35 on Friday. The stock has a market capitalization of $1.33 billion, a P/E ratio of 30.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.38 and a quick ratio of 0.38. Alexander & Baldwin has a 1-year low of $15.53 and a 1-year high of $19.99. The business has a fifty day moving average price of $16.94 and a 200-day moving average price of $16.86.

Alexander & Baldwin (NYSE:ALEX) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. Alexander & Baldwin had a return on equity of 4.76% and a net margin of 20.25%. The business had revenue of $61.20 million during the quarter, compared to analyst estimates of $51.55 million. During the same quarter in the previous year, the firm earned $0.29 EPS. Equities analysts forecast that Alexander & Baldwin will post 1.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Piper Sandler upgraded shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $17.00 to $22.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.00.

About Alexander & Baldwin

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.