Alexander & Baldwin (NYSE:ALEX) Posts Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Alexander & Baldwin (NYSE:ALEX) announced its quarterly earnings results on Friday. The financial services provider reported $0.05 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.21), FiscalAI reports. Alexander & Baldwin had a net margin of 33.62% and a return on equity of 7.29%. The firm had revenue of $50.99 million during the quarter, compared to analyst estimates of $49.99 million.

Alexander & Baldwin Price Performance

Shares of NYSE ALEX traded down $0.01 during midday trading on Friday, reaching $20.80. 1,140,692 shares of the company traded hands, compared to its average volume of 706,779. The firm has a market cap of $1.51 billion, a PE ratio of 20.59 and a beta of 0.92. 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 stock’s 50-day simple moving average is $20.74 and its 200-day simple moving average is $18.70. Alexander & Baldwin has a 12 month low of $15.07 and a 12 month high of $21.03.

Alexander & Baldwin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, December 19th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date of this dividend was Friday, December 19th. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.23. Alexander & Baldwin’s payout ratio is 138.61%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ALEX. Alliance Global Partners downgraded shares of Alexander & Baldwin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 10th. Weiss Ratings raised shares of Alexander & Baldwin from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, January 30th. iA Financial set a $20.85 price objective on shares of Alexander & Baldwin in a research report on Wednesday, December 10th. Piper Sandler downgraded Alexander & Baldwin from an “overweight” rating to a “neutral” rating and set a $21.00 target price on the stock. in a report on Tuesday, December 9th. Finally, Janney Montgomery Scott downgraded shares of Alexander & Baldwin from a “buy” rating to a “neutral” rating and set a $21.00 price target on the stock. in a research note on Wednesday, December 10th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Alexander & Baldwin has an average rating of “Hold” and a consensus target price of $20.95.

Institutional Trading of Alexander & Baldwin

Several hedge funds have recently modified their holdings of ALEX. Entropy Technologies LP bought a new stake in shares of Alexander & Baldwin in the 3rd quarter valued at $319,000. DRW Securities LLC bought a new position in shares of Alexander & Baldwin during the fourth quarter worth about $317,000. Polymer Capital Management US LLC grew its stake in shares of Alexander & Baldwin by 4.2% during the 3rd quarter. Polymer Capital Management US LLC now owns 17,293 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 703 shares in the last quarter. One68 Global Capital LLC acquired a new stake in Alexander & Baldwin in the 4th quarter valued at $284,000. Finally, Creative Planning bought a new stake in Alexander & Baldwin during the third quarter worth about $262,000. 91.29% of the stock is owned by institutional investors.

About Alexander & Baldwin

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.