Alexander & Baldwin, Inc. (NYSE:ALEX) Announces Quarterly Dividend of $0.22

Alexander & Baldwin, Inc. (NYSE:ALEX) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders of record on Friday, September 20th will be given a dividend of 0.2225 per share by the financial services provider on Monday, October 7th. This represents a $0.89 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Friday, September 20th. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.22.

Alexander & Baldwin has increased its dividend payment by an average of 37.4% per year over the last three years. Alexander & Baldwin has a payout ratio of 148.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Alexander & Baldwin to earn $1.09 per share next year, which means the company should continue to be able to cover its $0.89 annual dividend with an expected future payout ratio of 81.7%.

Alexander & Baldwin Stock Up 0.5 %

NYSE:ALEX opened at $19.82 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.53 and a quick ratio of 0.53. The company’s fifty day moving average price is $19.04 and its 200-day moving average price is $17.36. Alexander & Baldwin has a 1-year low of $15.53 and a 1-year high of $20.30. The firm has a market capitalization of $1.44 billion, a P/E ratio of 32.49 and a beta of 1.26.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Alliance Global Partners initiated coverage on Alexander & Baldwin in a research note on Thursday, August 8th. They issued a “buy” rating and a $22.00 price target for the company. Piper Sandler upgraded Alexander & Baldwin from a “neutral” rating to an “overweight” rating and increased their target price for the company from $17.00 to $22.00 in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.33.

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.