Alexander & Baldwin, Inc. (NYSE:ALEX) to Issue Quarterly Dividend of $0.22

Alexander & Baldwin, Inc. (NYSE:ALEX) announced a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders of record on Friday, September 20th will be paid a dividend of 0.2225 per share by the financial services provider on Monday, October 7th. This represents a $0.89 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date is Friday, September 20th. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22.

Alexander & Baldwin has raised its dividend by an average of 37.4% annually over the last three years. Alexander & Baldwin has a dividend payout ratio of 148.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Alexander & Baldwin to earn $1.09 per share next year, which means the company should continue to be able to cover its $0.89 annual dividend with an expected future payout ratio of 81.7%.

Alexander & Baldwin Price Performance

Shares of ALEX opened at $19.73 on Wednesday. The business’s 50-day moving average is $18.98 and its 200-day moving average is $17.35. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 32.34 and a beta of 1.26. Alexander & Baldwin has a fifty-two week low of $15.53 and a fifty-two week high of $20.30.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ALEX shares. Alliance Global Partners assumed coverage on Alexander & Baldwin in a research report on Thursday, August 8th. They issued a “buy” rating and a $22.00 target price on the stock. Piper Sandler upgraded Alexander & Baldwin from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $17.00 to $22.00 in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.33.

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.