Alexander & Baldwin (NYSE:ALEX) Shares Gap Up Following Earnings Beat

Alexander & Baldwin, Inc. (NYSE:ALEX) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $18.00, but opened at $18.62. Alexander & Baldwin shares last traded at $18.84, with a volume of 53,461 shares.

The financial services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.15. The business had revenue of $62.45 million during the quarter, compared to analyst estimates of $49.68 million. Alexander & Baldwin had a net margin of 19.64% and a return on equity of 5.93%.

Alexander & Baldwin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 4.75%. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Alexander & Baldwin’s dividend payout ratio (DPR) is 145.16%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ALEX shares. StockNews.com upgraded shares of Alexander & Baldwin from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. JMP Securities reiterated a “market perform” rating on shares of Alexander & Baldwin in a research report on Monday, January 6th. Finally, Piper Sandler boosted their price objective on Alexander & Baldwin from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Alexander & Baldwin has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Hedge Funds Weigh In On Alexander & Baldwin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALEX. Balyasny Asset Management L.P. acquired a new position in Alexander & Baldwin during the 4th quarter worth $7,722,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Alexander & Baldwin by 386.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,253 shares of the financial services provider’s stock valued at $9,240,000 after purchasing an additional 382,327 shares in the last quarter. State Street Corp lifted its holdings in Alexander & Baldwin by 9.4% in the third quarter. State Street Corp now owns 4,228,089 shares of the financial services provider’s stock worth $82,033,000 after purchasing an additional 363,223 shares during the period. JPMorgan Chase & Co. grew its position in Alexander & Baldwin by 51.0% in the 4th quarter. JPMorgan Chase & Co. now owns 880,018 shares of the financial services provider’s stock valued at $15,612,000 after buying an additional 297,044 shares in the last quarter. Finally, Norges Bank acquired a new position in Alexander & Baldwin during the 4th quarter valued at about $5,236,000. 91.29% of the stock is owned by institutional investors.

Alexander & Baldwin Price Performance

The business’s 50-day simple moving average is $17.68 and its 200 day simple moving average is $18.65. The company has a market capitalization of $1.38 billion, a P/E ratio of 30.43 and a beta of 1.29. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.47.

About Alexander & Baldwin

Alexander & Baldwin, Inc engages in the real estate business. It operates through the Commercial Real Estate and Land Operations segments. The Commercial Real Estate segment includes investments and acquisitions, construction and development, and in-house leasing and property management. The Land Operations segment consists of legacy landholdings, assets, and liabilities subject to the company’s simplification and monetization effort.