Alexander & Baldwin (NYSE:ALEX) Price Target Raised to $24.00 at Piper Sandler

Alexander & Baldwin (NYSE:ALEX) had its price objective lifted by Piper Sandler from $23.00 to $24.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research firms also recently weighed in on ALEX. JMP Securities restated a “market perform” rating on shares of Alexander & Baldwin in a research report on Monday, January 6th. StockNews.com upgraded shares of Alexander & Baldwin from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th.

Alexander & Baldwin Trading Up 0.3 %

Shares of Alexander & Baldwin stock opened at $18.06 on Friday. The firm has a 50-day simple moving average of $17.68 and a two-hundred day simple moving average of $18.65. The company has a market cap of $1.31 billion, a P/E ratio of 29.12 and a beta of 1.29. Alexander & Baldwin has a fifty-two week low of $15.53 and a fifty-two week high of $20.30. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.35 and a current ratio of 0.35.

Alexander & Baldwin (NYSE:ALEX) last issued its quarterly earnings data on Thursday, February 27th. The financial services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.15. The business had revenue of $62.45 million during the quarter, compared to the consensus estimate of $49.68 million. Alexander & Baldwin had a net margin of 19.64% and a return on equity of 5.93%. As a group, equities analysts predict that Alexander & Baldwin will post 1.35 earnings per share for the current fiscal year.

Alexander & Baldwin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 4.98%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Alexander & Baldwin’s previous quarterly dividend of $0.22. Alexander & Baldwin’s dividend payout ratio is currently 145.16%.

Institutional Trading of Alexander & Baldwin

Several large investors have recently bought and sold shares of the business. State Street Corp grew its stake in Alexander & Baldwin by 9.4% during the 3rd quarter. State Street Corp now owns 4,228,089 shares of the financial services provider’s stock valued at $82,033,000 after acquiring an additional 363,223 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Alexander & Baldwin by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,013,726 shares of the financial services provider’s stock valued at $35,723,000 after buying an additional 43,333 shares during the period. Geode Capital Management LLC grew its stake in shares of Alexander & Baldwin by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,876,341 shares of the financial services provider’s stock valued at $36,032,000 after buying an additional 23,441 shares during the period. Northern Trust Corp grew its stake in shares of Alexander & Baldwin by 23.5% in the 4th quarter. Northern Trust Corp now owns 1,020,845 shares of the financial services provider’s stock valued at $18,110,000 after buying an additional 194,534 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Alexander & Baldwin by 3.1% in the 3rd quarter. Victory Capital Management Inc. now owns 965,435 shares of the financial services provider’s stock valued at $18,536,000 after buying an additional 29,006 shares during the period. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Alexander & Baldwin Company Profile

Alexander & Baldwin, Inc engages in the real estate business. It operates through the Commercial Real Estate and Land Operations segments. The Commercial Real Estate segment includes investments and acquisitions, construction and development, and in-house leasing and property management. The Land Operations segment consists of legacy landholdings, assets, and liabilities subject to the company’s simplification and monetization effort.