Piper Sandler Reiterates Overweight Rating for Alexander & Baldwin (NYSE:ALEX)

Piper Sandler reaffirmed their overweight rating on shares of Alexander & Baldwin (NYSE:ALEX) in a research report report published on Friday, Benzinga reports. They currently have a $23.00 target price on the financial services provider’s stock, up from their previous target price of $22.00.

Separately, Alliance Global Partners assumed coverage on Alexander & Baldwin in a research note on Thursday, August 8th. They issued a “buy” rating and a $22.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.67.

Alexander & Baldwin Price Performance

ALEX stock opened at $18.92 on Friday. The business has a 50 day moving average price of $19.14 and a 200 day moving average price of $17.86. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 31.02 and a beta of 1.26. Alexander & Baldwin has a fifty-two week low of $15.53 and a fifty-two week high of $20.30. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.47.

Institutional Investors Weigh In On Alexander & Baldwin

Large investors have recently modified their holdings of the stock. Private Management Group Inc. purchased a new stake in shares of Alexander & Baldwin during the first quarter worth approximately $2,289,000. Clearbridge Investments LLC raised its stake in shares of Alexander & Baldwin by 24.4% during the first quarter. Clearbridge Investments LLC now owns 623,284 shares of the financial services provider’s stock worth $10,265,000 after purchasing an additional 122,286 shares during the last quarter. Wakefield Asset Management LLLP purchased a new stake in shares of Alexander & Baldwin during the second quarter worth approximately $948,000. Reinhart Partners LLC. raised its stake in shares of Alexander & Baldwin by 2.9% during the third quarter. Reinhart Partners LLC. now owns 2,553,912 shares of the financial services provider’s stock worth $49,035,000 after purchasing an additional 72,240 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Alexander & Baldwin by 18.7% during the first quarter. BNP Paribas Financial Markets now owns 46,859 shares of the financial services provider’s stock worth $772,000 after purchasing an additional 7,383 shares during the last quarter. Hedge funds and other institutional investors own 91.29% of the company’s stock.

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.