Alexander & Baldwin, Inc. (NYSE:ALEX) to Issue Quarterly Dividend of $0.22

Alexander & Baldwin, Inc. (NYSE:ALEX) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.222 per share by the financial services provider on Monday, July 8th. This represents a $0.89 annualized dividend and a dividend yield of 5.43%. The ex-dividend date of this dividend is Friday, June 14th.

Alexander & Baldwin has raised its dividend payment by an average of 37.4% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Alexander & Baldwin has a payout ratio of 134.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Alexander & Baldwin to earn $1.12 per share next year, which means the company should continue to be able to cover its $0.89 annual dividend with an expected future payout ratio of 79.5%.

Alexander & Baldwin Stock Performance

Shares of ALEX stock traded up $0.53 during mid-day trading on Friday, reaching $16.36. The stock had a trading volume of 56,173 shares, compared to its average volume of 310,832. The firm’s 50 day simple moving average is $16.38 and its 200 day simple moving average is $16.97. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.46. Alexander & Baldwin has a one year low of $15.53 and a one year high of $19.99. The firm has a market cap of $1.19 billion, a PE ratio of 40.88 and a beta of 1.21.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. TheStreet lowered shares of Alexander & Baldwin from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Piper Sandler lowered their target price on shares of Alexander & Baldwin from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.50.

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.