Alexander & Baldwin (NYSE:ALEX) Announces Quarterly Earnings Results, Misses Estimates By $0.21 EPS

Alexander & Baldwin (NYSE:ALEX) released its quarterly earnings results on Friday. The financial services provider reported $0.05 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.21), FiscalAI reports. The business had revenue of $50.99 million during the quarter, compared to analyst estimates of $49.99 million. Alexander & Baldwin had a net margin of 33.62% and a return on equity of 7.29%.

Alexander & Baldwin Price Performance

NYSE:ALEX traded down $0.01 during trading hours on Friday, reaching $20.80. 1,140,692 shares of the company’s stock were exchanged, compared to its average volume of 706,779. The company has a market capitalization of $1.51 billion, a P/E ratio of 20.59 and a beta of 0.92. Alexander & Baldwin has a 12 month low of $15.07 and a 12 month high of $21.03. The business’s 50-day simple moving average is $20.74 and its two-hundred day simple moving average is $18.70. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.47.

Alexander & Baldwin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, December 19th were given a dividend of $0.35 per share. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, December 19th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.7%. Alexander & Baldwin’s payout ratio is presently 138.61%.

Institutional Trading of Alexander & Baldwin

Hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp bought a new position in shares of Alexander & Baldwin in the 1st quarter valued at approximately $41,000. CIBC Private Wealth Group LLC bought a new position in shares of Alexander & Baldwin in the third quarter valued at approximately $49,000. Tower Research Capital LLC TRC lifted its stake in shares of Alexander & Baldwin by 184.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,668 shares of the financial services provider’s stock worth $101,000 after buying an additional 3,674 shares during the last quarter. Federation des caisses Desjardins du Quebec lifted its stake in shares of Alexander & Baldwin by 26.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 5,798 shares of the financial services provider’s stock worth $120,000 after buying an additional 1,218 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Alexander & Baldwin by 61.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,602 shares of the financial services provider’s stock worth $136,000 after buying an additional 2,902 shares during the period. 91.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALEX has been the subject of several research reports. Piper Sandler cut Alexander & Baldwin from an “overweight” rating to a “neutral” rating and set a $21.00 price objective on the stock. in a research note on Tuesday, December 9th. iA Financial set a $20.85 price target on Alexander & Baldwin in a research report on Wednesday, December 10th. Alliance Global Partners downgraded shares of Alexander & Baldwin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 10th. Weiss Ratings upgraded shares of Alexander & Baldwin from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, January 30th. Finally, Janney Montgomery Scott downgraded shares of Alexander & Baldwin from a “buy” rating to a “neutral” rating and set a $21.00 target price for the company. in a research note on Wednesday, December 10th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.95.

About Alexander & Baldwin

Founded in 1870 by Samuel T. Alexander and Henry P. Baldwin as a sugarcane plantation on Maui, Alexander & Baldwin, Inc (NYSE: ALEX) today operates as a Hawai‘i-focused real estate investment trust headquartered in Honolulu. The company transitioned from its agricultural origins into a diversified real estate owner, operator and developer, completing its conversion to a REIT structure in late 2019 to align its corporate governance with its core property portfolio.

Alexander & Baldwin’s commercial real estate arm spans office, retail, industrial and hospitality properties across the four major Hawaiian Islands.