Quarry LP Boosts Stake in Alexander & Baldwin, Inc. (NYSE:ALEX)

Quarry LP lifted its holdings in Alexander & Baldwin, Inc. (NYSE:ALEX) by 577.4% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,047 shares of the financial services provider’s stock after buying an additional 4,302 shares during the period. Quarry LP’s holdings in Alexander & Baldwin were worth $86,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new position in Alexander & Baldwin during the fourth quarter valued at about $9,685,000. Isthmus Partners LLC increased its stake in shares of Alexander & Baldwin by 232.0% during the 1st quarter. Isthmus Partners LLC now owns 205,212 shares of the financial services provider’s stock worth $3,380,000 after purchasing an additional 143,401 shares during the last quarter. Private Management Group Inc. bought a new stake in shares of Alexander & Baldwin in the 1st quarter worth approximately $2,289,000. Clearbridge Investments LLC lifted its stake in Alexander & Baldwin by 24.4% in the first quarter. Clearbridge Investments LLC now owns 623,284 shares of the financial services provider’s stock valued at $10,265,000 after purchasing an additional 122,286 shares during the last quarter. Finally, Hantz Financial Services Inc. purchased a new position in Alexander & Baldwin in the second quarter valued at approximately $1,386,000. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Analyst Upgrades and Downgrades

ALEX has been the topic of several research reports. 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 target price on the stock. Piper Sandler raised Alexander & Baldwin from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $17.00 to $22.00 in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Alexander & Baldwin Stock Down 1.3 %

Alexander & Baldwin stock opened at $18.81 on Thursday. The firm has a 50 day simple moving average of $19.31 and a 200 day simple moving average of $17.56. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.47. Alexander & Baldwin, Inc. has a 1-year low of $15.53 and a 1-year high of $20.30. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 30.67 and a beta of 1.26.

Alexander & Baldwin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Friday, September 20th will be given a $0.2225 dividend. The ex-dividend date of this dividend is Friday, September 20th. This is a boost from Alexander & Baldwin’s previous quarterly dividend of $0.22. This represents a $0.89 annualized dividend and a dividend yield of 4.73%. Alexander & Baldwin’s payout ratio is 145.90%.

Alexander & Baldwin 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.