Alexander & Baldwin (NYSE:ALEX) Shares Gap Up After Better-Than-Expected Earnings

Shares of Alexander & Baldwin, Inc. (NYSE:ALEX) gapped up prior to trading on Friday following a stronger than expected earnings report. 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 changing hands.

The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.15. Alexander & Baldwin had a net margin of 19.64% and a return on equity of 5.93%. The company had revenue of $62.45 million for the quarter, compared to analysts’ expectations of $49.68 million.

Alexander & Baldwin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a $0.225 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.90 annualized dividend and a dividend yield of 4.98%. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22. Alexander & Baldwin’s payout ratio is presently 145.16%.

Analyst Upgrades and Downgrades

ALEX has been the topic of several research reports. StockNews.com cut Alexander & Baldwin from a “buy” rating to a “hold” rating in a research report on Friday. Piper Sandler lifted their price target on shares of Alexander & Baldwin from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Alexander & Baldwin in a research note on Monday, January 6th.

Institutional Investors Weigh In On Alexander & Baldwin

Several institutional investors and hedge funds have recently modified their holdings of ALEX. Balyasny Asset Management L.P. purchased a new position in shares of Alexander & Baldwin during the fourth quarter valued at about $7,722,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Alexander & Baldwin by 386.5% in 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 increased its position 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 last quarter. JPMorgan Chase & Co. increased its position in Alexander & Baldwin by 51.0% in the fourth quarter. JPMorgan Chase & Co. now owns 880,018 shares of the financial services provider’s stock worth $15,612,000 after purchasing an additional 297,044 shares during the last quarter. Finally, Norges Bank purchased a new stake in Alexander & Baldwin during the fourth quarter valued at $5,236,000. Institutional investors own 91.29% of the company’s stock.

Alexander & Baldwin Stock Up 0.3 %

The firm has a market cap of $1.31 billion, a P/E ratio of 29.12 and a beta of 1.29. The company’s 50-day simple moving average is $17.69 and its 200 day simple moving average is $18.64. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.35 and a quick ratio of 0.35.

Alexander & Baldwin Company Profile

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.