Alexander & Baldwin (NYSE:ALEX) Stock Rating Upgraded by Piper Sandler

Piper Sandler upgraded shares of Alexander & Baldwin (NYSE:ALEX) from a neutral rating to an overweight rating in a research note issued to investors on Friday morning, MarketBeat.com reports. The firm currently has $22.00 price objective on the financial services provider’s stock, up from their prior price objective of $17.00.

Alexander & Baldwin Stock Performance

NYSE ALEX opened at $19.39 on Friday. Alexander & Baldwin has a 1 year low of $15.53 and a 1 year high of $20.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.53 and a quick ratio of 0.38. The stock has a market capitalization of $1.41 billion, a PE ratio of 31.79 and a beta of 1.26. The company’s 50 day simple moving average is $17.05 and its two-hundred day simple moving average is $16.86.

Alexander & Baldwin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Friday, September 20th will be paid a $0.2225 dividend. The ex-dividend date is Friday, September 20th. This is a boost from Alexander & Baldwin’s previous quarterly dividend of $0.22. This represents a $0.89 annualized dividend and a yield of 4.59%. Alexander & Baldwin’s dividend payout ratio is currently 145.90%.

Institutional Trading of Alexander & Baldwin

Several institutional investors and hedge funds have recently bought and sold shares of ALEX. Regency Capital Management Inc. DE lifted its holdings in shares of Alexander & Baldwin by 27.9% during the 4th quarter. Regency Capital Management Inc. DE now owns 322,232 shares of the financial services provider’s stock worth $6,129,000 after acquiring an additional 70,251 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Alexander & Baldwin by 51.2% during the 4th 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. International Assets Investment Management LLC bought a new stake in shares of Alexander & Baldwin during the 4th quarter worth $2,280,000. CKW Financial Group lifted its holdings in shares of Alexander & Baldwin by 588.4% during the 4th quarter. CKW Financial Group now owns 15,861 shares of the financial services provider’s stock worth $302,000 after acquiring an additional 13,557 shares during the last quarter. Finally, Cerity Partners LLC bought a new stake in shares of Alexander & Baldwin during the 4th quarter worth $211,000. 91.29% of the stock is currently owned by hedge funds and other institutional investors.

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.