Wellington Management Group LLP Trims Stake in Alexander & Baldwin, Inc. (NYSE:ALEX)

Wellington Management Group LLP reduced its position in Alexander & Baldwin, Inc. (NYSE:ALEX) by 3.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,527,910 shares of the financial services provider’s stock after selling 49,716 shares during the period. Wellington Management Group LLP owned 2.10% of Alexander & Baldwin worth $29,061,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALEX. Norges Bank purchased a new stake in Alexander & Baldwin during the 4th quarter valued at approximately $9,685,000. Clearbridge Investments LLC raised its stake in Alexander & Baldwin by 244.6% during the 4th quarter. Clearbridge Investments LLC now owns 500,998 shares of the financial services provider’s stock valued at $9,529,000 after acquiring an additional 355,601 shares during the last quarter. DigitalBridge Group Inc. raised its stake in Alexander & Baldwin by 26.9% during the 3rd quarter. DigitalBridge Group Inc. now owns 1,062,380 shares of the financial services provider’s stock valued at $17,774,000 after acquiring an additional 225,441 shares during the last quarter. Reinhart Partners LLC. raised its stake in Alexander & Baldwin by 8.7% during the 4th quarter. Reinhart Partners LLC. now owns 2,464,255 shares of the financial services provider’s stock valued at $46,870,000 after acquiring an additional 196,303 shares during the last quarter. Finally, Regency Capital Management Inc. DE raised its stake in Alexander & Baldwin by 27.9% during the 4th quarter. Regency Capital Management Inc. DE now owns 322,232 shares of the financial services provider’s stock valued at $6,129,000 after acquiring an additional 70,251 shares during the last quarter. 91.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the company. TheStreet downgraded Alexander & Baldwin from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Piper Sandler dropped their target price on Alexander & Baldwin from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Alexander & Baldwin presently has an average rating of “Hold” and an average price target of $18.50.

Alexander & Baldwin Stock Performance

NYSE ALEX opened at $16.47 on Tuesday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $16.51 and its two-hundred day moving average is $17.03. Alexander & Baldwin, Inc. has a 12-month low of $15.53 and a 12-month high of $19.99. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 26.99 and a beta of 1.24.

Alexander & Baldwin (NYSE:ALEX) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. The business had revenue of $61.20 million for the quarter, compared to analysts’ expectations of $51.55 million. Alexander & Baldwin had a return on equity of 4.76% and a net margin of 20.25%. During the same quarter in the prior year, the firm posted $0.29 EPS. Research analysts expect that Alexander & Baldwin, Inc. will post 1.15 EPS for the current year.

Alexander & Baldwin Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Friday, June 14th will be issued a $0.222 dividend. This represents a $0.89 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date of this dividend is Friday, June 14th. Alexander & Baldwin’s dividend payout ratio is currently 145.90%.

Alexander & Baldwin Company Profile

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.