Alexander & Baldwin (NYSE:ALEX) Hits New 52-Week High at $20.30

Shares of Alexander & Baldwin, Inc. (NYSE:ALEX) hit 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.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upgraded shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $17.00 to $22.00 in a 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Alexander & Baldwin Stock Performance

The company has a market capitalization of $1.44 billion, a PE ratio of 32.66 and a beta of 1.26. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.45. The business has a 50 day simple moving average of $16.94 and a 200 day simple moving average of $16.86.

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

Alexander & Baldwin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Friday, September 20th will be issued a $0.2225 dividend. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22. This represents a $0.89 annualized dividend and a dividend yield of 4.49%. The ex-dividend date is Friday, September 20th. Alexander & Baldwin’s dividend payout ratio is currently 145.90%.

Hedge Funds Weigh In On Alexander & Baldwin

Several hedge funds have recently made changes to their positions in the company. Isthmus Partners LLC purchased a new stake in shares of Alexander & Baldwin during the 4th quarter worth approximately $1,176,000. Regency Capital Management Inc. DE boosted its stake in shares of Alexander & Baldwin by 27.9% in 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 purchasing an additional 70,251 shares during the period. Private Management Group Inc. acquired a new position in Alexander & Baldwin in the 1st quarter worth $2,289,000. Asset Management One Co. Ltd. increased its position in shares of Alexander & Baldwin by 51.2% during 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 last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Alexander & Baldwin by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,461,071 shares of the financial services provider’s stock worth $27,790,000 after acquiring an additional 60,119 shares in the last quarter. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Alexander & Baldwin Company 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.