Pacific Heights Asset Management LLC Raises Stock Position in Alexander & Baldwin Holdings, Inc. $ALEX

Pacific Heights Asset Management LLC raised its stake in shares of Alexander & Baldwin Holdings, Inc. (NYSE:ALEX) by 60.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 200,000 shares of the financial services provider’s stock after buying an additional 75,000 shares during the period. Pacific Heights Asset Management LLC owned about 0.27% of Alexander & Baldwin worth $3,638,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ALEX. Franklin Resources Inc. grew its holdings in shares of Alexander & Baldwin by 33.1% in the second quarter. Franklin Resources Inc. now owns 2,517,438 shares of the financial services provider’s stock worth $44,886,000 after acquiring an additional 626,289 shares during the period. JPMorgan Chase & Co. boosted its position in Alexander & Baldwin by 21.0% in the second quarter. JPMorgan Chase & Co. now owns 1,515,304 shares of the financial services provider’s stock worth $27,018,000 after purchasing an additional 263,483 shares during the last quarter. Millennium Management LLC boosted its position in Alexander & Baldwin by 81.8% in the first quarter. Millennium Management LLC now owns 737,931 shares of the financial services provider’s stock worth $12,715,000 after purchasing an additional 331,969 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Alexander & Baldwin by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 663,380 shares of the financial services provider’s stock valued at $11,828,000 after purchasing an additional 22,735 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Alexander & Baldwin by 5.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 524,469 shares of the financial services provider’s stock valued at $9,037,000 after purchasing an additional 24,904 shares during the last quarter. 91.29% of the stock is owned by institutional investors.

Alexander & Baldwin Stock Up 0.1%

NYSE ALEX opened at $20.85 on Tuesday. The stock has a 50 day moving average price of $18.69 and a 200-day moving average price of $18.14. Alexander & Baldwin Holdings, Inc. has a one year low of $15.07 and a one year high of $21.03. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.38 and a current ratio of 0.38. The company has a market capitalization of $1.52 billion, a P/E ratio of 20.65 and a beta of 0.94.

Alexander & Baldwin (NYSE:ALEX) last released its quarterly earnings data on Friday, October 31st. The financial services provider reported $0.20 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.08). Alexander & Baldwin had a net margin of 33.62% and a return on equity of 7.29%. The business had revenue of $50.25 million for the quarter, compared to the consensus estimate of $50.69 million. As a group, equities analysts predict that Alexander & Baldwin Holdings, Inc. will post 1.35 EPS for the current fiscal year.

Alexander & Baldwin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, December 19th were paid a $0.35 dividend. The ex-dividend date was Friday, December 19th. This represents a $1.40 dividend on an annualized basis and a yield of 6.7%. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.23. Alexander & Baldwin’s payout ratio is currently 138.61%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ALEX shares. Industrial Alliance Securities set a $20.85 price target on shares of Alexander & Baldwin in a research note on Wednesday, December 10th. Janney Montgomery Scott downgraded shares of Alexander & Baldwin from a “buy” rating to a “neutral” rating and set a $21.00 price objective on the stock. in a research report on Wednesday, December 10th. Piper Sandler lowered Alexander & Baldwin from an “overweight” rating to a “neutral” rating and set a $21.00 price target for the company. in a research note on Tuesday, December 9th. Alliance Global Partners cut Alexander & Baldwin from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 10th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Alexander & Baldwin in a research note on Monday, December 29th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.95.

Alexander & Baldwin Company Profile

Founded in 1870 by Samuel T. Alexander and Henry P. Baldwin as a sugarcane plantation on Maui, Alexander & Baldwin, Inc (NYSE: ALEX) today operates as a Hawai‘i-focused real estate investment trust headquartered in Honolulu. The company transitioned from its agricultural origins into a diversified real estate owner, operator and developer, completing its conversion to a REIT structure in late 2019 to align its corporate governance with its core property portfolio.

Alexander & Baldwin’s commercial real estate arm spans office, retail, industrial and hospitality properties across the four major Hawaiian Islands.