American Century Companies Inc. Buys 2,014 Shares of Alexander & Baldwin, Inc. (NYSE:ALEX)

American Century Companies Inc. raised its stake in Alexander & Baldwin, Inc. (NYSE:ALEX) by 9.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,530 shares of the financial services provider’s stock after acquiring an additional 2,014 shares during the period. American Century Companies Inc.’s holdings in Alexander & Baldwin were worth $399,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Private Management Group Inc. bought a new stake in shares of Alexander & Baldwin in the first quarter worth about $2,289,000. Clearbridge Investments LLC raised its holdings in shares of Alexander & Baldwin by 24.4% during the 1st quarter. Clearbridge Investments LLC now owns 623,284 shares of the financial services provider’s stock worth $10,265,000 after acquiring an additional 122,286 shares in the last quarter. Wakefield Asset Management LLLP bought a new position in shares of Alexander & Baldwin during the 2nd quarter valued at approximately $948,000. BNP Paribas Financial Markets grew its holdings in shares of Alexander & Baldwin by 18.7% in the first quarter. BNP Paribas Financial Markets now owns 46,859 shares of the financial services provider’s stock valued at $772,000 after purchasing an additional 7,383 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Alexander & Baldwin by 42.9% in the first quarter. Janney Montgomery Scott LLC now owns 14,552 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 4,366 shares during the last quarter. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler raised shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $17.00 to $22.00 in a research note on Friday, July 26th. Alliance Global Partners began coverage on Alexander & Baldwin in a report on Thursday, August 8th. They issued a “buy” rating and a $22.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.33.

Alexander & Baldwin Stock Performance

ALEX opened at $18.68 on Friday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.47. Alexander & Baldwin, Inc. has a 12-month low of $15.53 and a 12-month high of $20.30. The firm has a 50 day moving average of $19.32 and a two-hundred day moving average of $17.57. The firm has a market capitalization of $1.36 billion, a PE ratio of 30.62 and a beta of 1.26.

Alexander & Baldwin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Friday, September 20th will be given a dividend of $0.2225 per share. The ex-dividend date is Friday, September 20th. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.22. This represents a $0.89 dividend on an annualized basis and a yield of 4.76%. Alexander & Baldwin’s payout ratio is currently 145.90%.

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.