Pacific Heights Asset Management LLC Boosts Stake in Alexander & Baldwin Holdings, Inc. $ALEX

Pacific Heights Asset Management LLC lifted its stake in Alexander & Baldwin Holdings, Inc. (NYSE:ALEX) by 60.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 200,000 shares of the financial services provider’s stock after purchasing an additional 75,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Alexander & Baldwin were worth $3,638,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Evelyn Partners Asset Management Ltd acquired a new stake in Alexander & Baldwin during the 2nd quarter worth about $25,000. Jones Financial Companies Lllp acquired a new stake in Alexander & Baldwin during the first quarter valued at $41,000. Parallel Advisors LLC grew its position in shares of Alexander & Baldwin by 76.7% during the 2nd quarter. Parallel Advisors LLC now owns 2,462 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 1,069 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in Alexander & Baldwin in the second quarter valued at approximately $46,000. Finally, GAMMA Investing LLC grew its position in shares of Alexander & Baldwin by 52.5% in the third quarter. GAMMA Investing LLC now owns 2,736 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 942 shares during the period. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Alexander & Baldwin Price Performance

Shares of ALEX opened at $20.85 on Tuesday. The stock’s 50 day moving average is $18.69 and its two-hundred day moving average is $18.14. Alexander & Baldwin Holdings, Inc. has a twelve month low of $15.07 and a twelve month high of $21.03. The firm has a market capitalization of $1.52 billion, a PE ratio of 20.65 and a beta of 0.94. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.47.

Alexander & Baldwin (NYSE:ALEX) last posted its quarterly earnings results on Friday, October 31st. The financial services provider reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). The company had revenue of $50.25 million for the quarter, compared to analyst estimates of $50.69 million. Alexander & Baldwin had a return on equity of 7.29% and a net margin of 33.62%. Research analysts anticipate that Alexander & Baldwin Holdings, Inc. will post 1.35 earnings per share for the current year.

Alexander & Baldwin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, December 19th were given a $0.35 dividend. The ex-dividend date was Friday, December 19th. This represents a $1.40 annualized dividend and a dividend yield of 6.7%. This is a boost from Alexander & Baldwin’s previous quarterly dividend of $0.23. Alexander & Baldwin’s payout ratio is presently 138.61%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Alliance Global Partners lowered shares of Alexander & Baldwin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 10th. Janney Montgomery Scott cut shares of Alexander & Baldwin from a “buy” rating to a “neutral” rating and set a $21.00 target price on the stock. 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 price objective on the stock. in a report on Tuesday, December 9th. Industrial Alliance Securities set a $20.85 price target on Alexander & Baldwin in a report on Wednesday, December 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Alexander & Baldwin in a research report on Monday, December 29th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.95.

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.