Alexander & Baldwin, Inc. (NYSE:ALEX) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in shares of Alexander & Baldwin, Inc. (NYSE:ALEX) by 2.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,570 shares of the financial services provider’s stock after selling 993 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Alexander & Baldwin worth $721,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALEX. Reinhart Partners LLC. grew its position in Alexander & Baldwin by 2.9% during the 3rd quarter. Reinhart Partners LLC. now owns 2,553,912 shares of the financial services provider’s stock worth $49,035,000 after purchasing an additional 72,240 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Alexander & Baldwin by 10.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,970,393 shares of the financial services provider’s stock valued at $37,832,000 after acquiring an additional 190,357 shares during the period. Victory Capital Management Inc. increased its position in shares of Alexander & Baldwin by 3.1% in the 3rd quarter. Victory Capital Management Inc. now owns 965,435 shares of the financial services provider’s stock valued at $18,536,000 after acquiring an additional 29,006 shares during the period. Mesirow Institutional Investment Management Inc. raised its stake in Alexander & Baldwin by 1.7% in the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 516,368 shares of the financial services provider’s stock worth $8,758,000 after acquiring an additional 8,554 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its position in Alexander & Baldwin by 9.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 389,006 shares of the financial services provider’s stock worth $7,399,000 after acquiring an additional 34,007 shares during the period. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and issued a $23.00 price objective (up from $22.00) on shares of Alexander & Baldwin in a report on Friday, October 25th. StockNews.com upgraded shares of Alexander & Baldwin from a “hold” rating to a “buy” rating in a report on Monday, November 25th.

Alexander & Baldwin Stock Performance

NYSE ALEX opened at $18.86 on Friday. The firm has a market capitalization of $1.37 billion, a P/E ratio of 30.42 and a beta of 1.27. The stock has a 50-day simple moving average of $19.10 and a two-hundred day simple moving average of $18.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.35 and a current ratio of 0.35. Alexander & Baldwin, Inc. has a fifty-two week low of $15.53 and a fifty-two week high of $20.30.

Alexander & Baldwin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be issued a $0.2225 dividend. This represents a $0.89 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Friday, December 20th. Alexander & Baldwin’s payout ratio is presently 143.55%.

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.