Clearbridge Investments LLC Grows Position in Alexander & Baldwin, Inc. (NYSE:ALEX)

Clearbridge Investments LLC lifted its position in shares of Alexander & Baldwin, Inc. (NYSE:ALEX) by 244.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 500,998 shares of the financial services provider’s stock after purchasing an additional 355,601 shares during the quarter. Clearbridge Investments LLC owned about 0.69% of Alexander & Baldwin worth $9,529,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its position in shares of Alexander & Baldwin by 46.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,516 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 1,114 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Alexander & Baldwin by 4.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 23,241 shares of the financial services provider’s stock valued at $389,000 after acquiring an additional 909 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Alexander & Baldwin by 6.3% during the third quarter. Nisa Investment Advisors LLC now owns 47,668 shares of the financial services provider’s stock worth $797,000 after purchasing an additional 2,806 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Alexander & Baldwin by 6.5% in the third quarter. Victory Capital Management Inc. now owns 854,684 shares of the financial services provider’s stock worth $14,299,000 after purchasing an additional 52,022 shares during the period. Finally, Illinois Municipal Retirement Fund bought a new stake in Alexander & Baldwin during the third quarter valued at $724,000. Institutional investors and hedge funds own 91.29% of the company’s stock.

Alexander & Baldwin Stock Performance

Shares of ALEX stock traded up $0.03 during trading hours on Friday, reaching $16.51. 580,123 shares of the company’s stock were exchanged, compared to its average volume of 233,571. Alexander & Baldwin, Inc. has a fifty-two week low of $15.53 and a fifty-two week high of $19.99. 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 stock has a market capitalization of $1.20 billion, a P/E ratio of 27.07 and a beta of 1.21. The business has a fifty day moving average price of $16.34 and a 200-day moving average price of $17.04.

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

Alexander & Baldwin Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Shareholders of record on Friday, June 14th will be given a $0.222 dividend. This represents a $0.89 annualized dividend and a yield of 5.38%. The ex-dividend date is Friday, June 14th. Alexander & Baldwin’s payout ratio is presently 145.90%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Piper Sandler lowered their price objective on shares of Alexander & Baldwin from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, March 14th. TheStreet downgraded Alexander & Baldwin from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.50.

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.