Alexander & Baldwin (NYSE:ALEX) Reaches New 1-Year High at $20.30

Alexander & Baldwin, Inc. (NYSE:ALEX)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $20.30 and last traded at $19.72, with a volume of 108074 shares traded. The stock had previously closed at $18.35.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised Alexander & Baldwin from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $17.00 to $22.00 in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Alexander & Baldwin Price Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 0.38 and a quick ratio of 0.38. The business’s fifty day moving average price is $16.94 and its 200-day moving average price is $16.86. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 32.66 and a beta of 1.26.

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

Alexander & Baldwin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Friday, September 20th will be issued a $0.2225 dividend. This represents a $0.89 annualized dividend and a yield of 4.49%. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, September 20th. Alexander & Baldwin’s dividend payout ratio (DPR) is presently 145.90%.

Institutional Trading of Alexander & Baldwin

Several institutional investors have recently added to or reduced their stakes in ALEX. Vanguard Group Inc. boosted its position in Alexander & Baldwin by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 11,725,230 shares of the financial services provider’s stock valued at $193,115,000 after buying an additional 71,797 shares during the period. Franklin Resources Inc. grew its position in shares of Alexander & Baldwin by 1.1% in the 4th quarter. Franklin Resources Inc. now owns 3,678,993 shares of the financial services provider’s stock worth $69,974,000 after buying an additional 39,942 shares during the last quarter. Reinhart Partners LLC. lifted its position in Alexander & Baldwin by 1.6% during the second quarter. Reinhart Partners LLC. now owns 2,481,672 shares of the financial services provider’s stock valued at $42,089,000 after buying an additional 38,948 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Alexander & Baldwin by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,461,071 shares of the financial services provider’s stock worth $27,790,000 after purchasing an additional 60,119 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Alexander & Baldwin by 3.5% in the 4th quarter. Victory Capital Management Inc. now owns 884,660 shares of the financial services provider’s stock worth $16,826,000 after buying an additional 29,976 shares during the last quarter. 91.29% of the stock is currently owned by hedge funds and other institutional investors.

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.