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

Alexander’s (NYSE:ALX) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on the stock. Weiss Ratings upgraded shares of Alexander’s from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday. Piper Sandler increased their price target on shares of Alexander’s from $190.00 to $212.00 and gave the company an “underweight” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $212.00.

Alexander’s Stock Up 1.0%

NYSE:ALX opened at $276.62 on Tuesday. Alexander’s has a twelve month low of $201.28 and a twelve month high of $289.43. The company has a quick ratio of 6.92, a current ratio of 16.78 and a debt-to-equity ratio of 3.73. The stock’s 50 day moving average price is $267.82 and its two-hundred day moving average price is $250.64. The firm 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 issued its earnings results on Monday, August 3rd. The real estate investment trust reported $3.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.02. Alexander’s had a net margin of 79.06% and a return on equity of 123.09%. The company had revenue of $54.71 million for the quarter, compared to analysts’ expectations of $54.10 million. Equities research analysts expect that Alexander’s will post 16.52 earnings per share for the current fiscal year.

Insider Activity 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 stock was sold at an average price of $267.00, for a total transaction of $112,941.00. Following the sale, the director directly owned 900 shares in the company, valued at approximately $240,300. The trade was a 31.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 26.36% of the company’s stock.

Institutional Investors Weigh In On Alexander’s

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its position in Alexander’s by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 116 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 100 shares during the period. Van ECK Associates Corp bought a new stake in shares of Alexander’s in the third quarter worth $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in Alexander’s in the fourth quarter valued at $38,000. Tower Research Capital LLC TRC increased its holdings in Alexander’s by 89.1% in the second quarter. Tower Research Capital LLC TRC now owns 208 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 98 shares during the period. Finally, Larson Financial Group LLC raised its position in Alexander’s by 104.0% during the 3rd quarter. Larson Financial Group LLC now owns 204 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 104 shares during the last quarter. 31.99% of the stock is currently owned by institutional investors and hedge funds.

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.