Alexander & Baldwin, Inc. (NYSE:ALEX – Get Free Report) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Investors of record on Friday, September 20th will be given a dividend of 0.2225 per share by the financial services provider on Monday, October 7th. This represents a $0.89 annualized dividend and a yield of 4.85%. The ex-dividend date is Friday, September 20th. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22.
Alexander & Baldwin has increased its dividend by an average of 37.4% annually over the last three years. Alexander & Baldwin has a payout ratio of 161.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Alexander & Baldwin to earn $1.07 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 83.2%.
Alexander & Baldwin Stock Up 0.4 %
ALEX stock opened at $18.35 on Friday. The stock has a market capitalization of $1.33 billion, a P/E ratio of 30.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.38 and a quick ratio of 0.38. Alexander & Baldwin has a 1-year low of $15.53 and a 1-year high of $19.99. The business has a fifty day moving average price of $16.94 and a 200-day moving average price of $16.86.
Analysts Set New Price Targets
Separately, Piper Sandler upgraded shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $17.00 to $22.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.00.
Read Our Latest Stock Analysis on Alexander & Baldwin
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.
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