Piper Sandler Has Lowered Expectations for Alexander’s (NYSE:ALX) Stock Price

Alexander’s (NYSE:ALX) had its price target dropped by analysts at Piper Sandler from $212.00 to $192.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “underweight” rating on the real estate investment trust’s stock. Piper Sandler’s price target indicates a potential downside of 20.04% from the stock’s previous close.

A number of other brokerages have also weighed in on ALX. Weiss Ratings upgraded shares of Alexander’s from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 4th. Wall Street Zen upgraded shares of Alexander’s from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Zacks Research cut shares of Alexander’s from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $192.00.

Alexander’s Stock Performance

ALX opened at $240.11 on Monday. The firm has a market cap of $1.23 billion, a P/E ratio of 7.27 and a beta of 0.80. Alexander’s has a 1-year low of $201.28 and a 1-year high of $289.43. The company has a 50 day simple moving average of $257.94 and a two-hundred day simple moving average of $256.56. The company has a debt-to-equity ratio of 3.73, a current ratio of 16.78 and a quick ratio of 16.78.

Alexander’s (NYSE:ALX) last announced its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $3.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.02. Alexander’s had a net margin of 79.06% and a return on equity of 123.09%. The firm had revenue of $54.71 million during the quarter, compared to analysts’ expectations of $54.10 million. Equities analysts forecast that Alexander’s will post 16.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alexander’s

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC lifted its holdings in shares of Alexander’s by 582.3% in the 1st quarter. SG Americas Securities LLC now owns 74,728 shares of the real estate investment trust’s stock worth $17,651,000 after buying an additional 63,776 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Alexander’s by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 34,444 shares of the real estate investment trust’s stock worth $8,136,000 after buying an additional 724 shares in the last quarter. Punch & Associates Investment Management Inc. bought a new position in shares of Alexander’s during the 1st quarter worth $4,822,000. Bank of New York Mellon Corp bought a new position in shares of Alexander’s during the 2nd quarter worth $4,512,000. Finally, Marnell Management LLC purchased a new position in shares of Alexander’s during the fourth quarter valued at $2,624,000. 31.99% of the stock is owned by institutional investors.

About Alexander’s

Alexander’s, Inc (NYSE: ALX) is a self-administered and self-managed real estate investment trust that owns, manages and develops commercial and residential properties primarily in the New York metropolitan area. The company’s portfolio is concentrated in high-density locations with access to transportation, employment centers and retail activity.

Alexander’s properties include 731 Lexington Avenue in Manhattan, a mixed-use office and retail complex that includes Bloomberg’s headquarters; Rego Park Center, a retail and office complex in Queens; and The Alexander, a residential apartment property in Manhattan.