Alexander’s (NYSE:ALX) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Alexander’s (NYSE:ALX) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of Alexander’s from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday. Piper Sandler lifted their price target on Alexander’s from $190.00 to $212.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $212.00.

Alexander’s Trading Up 1.0%

Alexander’s stock opened at $276.62 on Tuesday. Alexander’s has a one year low of $201.28 and a one year high of $289.43. The company’s fifty day moving average price is $267.82 and its two-hundred day moving average price is $250.64. The company has a debt-to-equity ratio of 3.73, a current ratio of 16.78 and a quick ratio of 6.92. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 8.37 and a beta of 0.77.

Alexander’s (NYSE:ALX) last released its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $3.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.02. Alexander’s had a return on equity of 123.09% and a net margin of 79.06%.The company had revenue of $54.71 million during the quarter, compared to the consensus estimate of $54.10 million. On average, analysts forecast that Alexander’s will post 16.52 earnings per share for the current fiscal year.

Alexander’s Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 10th will be given a $4.50 dividend. This represents a $18.00 annualized dividend and a yield of 6.5%. The ex-dividend date is Monday, August 10th. Alexander’s’s dividend payout ratio (DPR) is currently 54.46%.

Insider Transactions at Alexander’s

In other news, Director Russell B. Wight, Jr. sold 423 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $267.00, for a total transaction of $112,941.00. Following the transaction, the director owned 900 shares in the company, valued at approximately $240,300. The trade was a 31.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 26.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alexander’s

Hedge funds have recently made changes to their positions in the stock. Militia Capital Management LLC acquired a new stake in Alexander’s during the first quarter worth about $496,000. Bank of America Corp DE lifted its position in shares of Alexander’s by 11.1% in the 1st quarter. Bank of America Corp DE now owns 2,860 shares of the real estate investment trust’s stock worth $676,000 after acquiring an additional 286 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Alexander’s by 8.4% during the 1st quarter. Janus Henderson Group PLC now owns 5,022 shares of the real estate investment trust’s stock worth $1,186,000 after purchasing an additional 388 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Alexander’s by 74.4% during the 1st quarter. California State Teachers Retirement System now owns 4,148 shares of the real estate investment trust’s stock worth $980,000 after purchasing an additional 1,770 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of Alexander’s by 295.9% during the first quarter. Royal Bank of Canada now owns 479 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 358 shares during the period. Institutional investors own 31.99% of the company’s stock.

About Alexander’s

Alexander’s (NYSE: ALX) is a publicly traded real estate investment trust focused on owning, leasing and managing commercial properties in the New York metropolitan area. The company’s portfolio encompasses office buildings, retail storefronts and parking facilities, all held on a wholly owned basis. By concentrating on prime urban and suburban locations, Alexander’s seeks to generate stable rental income and long-term asset appreciation.

Founded in 1928 as a family-run department store chain, Alexander’s transitioned during the early 1990s into a pure-play real estate company following the sale of its retail operations.