Alexander & Baldwin, Inc. (NYSE:ALEX) announced a quarterly dividend on Tuesday, July 27th, Zacks reports. Shareholders of record on Friday, September 17th will be given a dividend of 0.18 per share by the financial services provider on Monday, October 4th. This represents a $0.72 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Thursday, September 16th. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.16.
Alexander & Baldwin has raised its dividend by 61.9% over the last three years. Alexander & Baldwin has a dividend payout ratio of 133.3% 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 $0.90 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 80.0%.
NYSE:ALEX opened at $22.78 on Wednesday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.54. Alexander & Baldwin has a 12 month low of $10.04 and a 12 month high of $23.29. The company has a market cap of $1.65 billion, a PE ratio of 87.08 and a beta of 1.40. The company has a 50 day simple moving average of $20.04 and a two-hundred day simple moving average of $18.85.
An institutional investor recently raised its position in Alexander & Baldwin stock. Morgan Stanley increased its position in Alexander & Baldwin, Inc. (NYSE:ALEX) by 11.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 362,087 shares of the financial services provider’s stock after buying an additional 38,240 shares during the period. Morgan Stanley owned about 0.50% of Alexander & Baldwin worth $6,633,000 at the end of the most recent quarter. 83.15% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently issued reports on ALEX shares. Zacks Investment Research raised shares of Alexander & Baldwin from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Tuesday, August 3rd. Piper Sandler raised shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $20.00 to $22.00 in a research report on Friday, July 30th.
Alexander & Baldwin Company Profile
Alexander & Baldwin, Inc engages in real estate business. It operates through the following segments: Commercial Real Estate, Land Operations, and Materials and Construction. The Commercial Real Estate segment includes investments and acquisitions, construction and development, in-house leasing and property management, and asset management.
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