BlackRock Inc. Trims Stake in Alexander & Baldwin, Inc. (NYSE:ALEX)

BlackRock Inc. lessened its holdings in shares of Alexander & Baldwin, Inc. (NYSE:ALEX – Get Rating) by 1.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 13,568,112 shares of the financial services provider’s stock after selling 222,048 shares during the quarter. BlackRock Inc. owned 0.19% of Alexander & Baldwin worth $224,959,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Prelude Capital Management LLC purchased a new stake in shares of Alexander & Baldwin in the second quarter valued at approximately $1,751,000. Envestnet Asset Management Inc. lifted its holdings in shares of Alexander & Baldwin by 65.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 176,910 shares of the financial services provider’s stock worth $2,933,000 after buying an additional 70,263 shares during the period. Virtus ETF Advisers LLC grew its position in shares of Alexander & Baldwin by 20.1% during the 2nd quarter. Virtus ETF Advisers LLC now owns 78,603 shares of the financial services provider’s stock worth $1,411,000 after buying an additional 13,157 shares in the last quarter. Rock Point Advisors LLC increased its stake in shares of Alexander & Baldwin by 8.1% during the third quarter. Rock Point Advisors LLC now owns 295,370 shares of the financial services provider’s stock valued at $4,897,000 after buying an additional 22,185 shares during the period. Finally, Pictet Asset Management SA lifted its stake in Alexander & Baldwin by 7.0% in the third quarter. Pictet Asset Management SA now owns 31,884 shares of the financial services provider’s stock worth $529,000 after acquiring an additional 2,074 shares during the period. Hedge funds and other institutional investors own 85.56% of the company’s stock.

Alexander & Baldwin Trading Down 1.9 %

Shares of NYSE ALEX opened at $17.85 on Tuesday. The business has a fifty day moving average price of $19.24 and a 200 day moving average price of $18.84. Alexander & Baldwin, Inc. has a 1-year low of $15.80 and a 1-year high of $24.15. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market capitalization of $1.30 billion, a P/E ratio of -25.14 and a beta of 1.30.

Alexander & Baldwin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 4th. Stockholders of record on Friday, March 17th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend is Thursday, March 16th. Alexander & Baldwin’s dividend payout ratio is currently -123.94%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Piper Sandler cut shares of Alexander & Baldwin from an “overweight” rating to a “neutral” rating and set a $20.00 target price on the stock. in a report on Monday, November 14th. StockNews.com raised shares of Alexander & Baldwin from a “sell” rating to a “hold” rating in a research note on Saturday, March 4th.

Alexander & Baldwin Profile

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Alexander & Baldwin, Inc engages in real estate business. It operates through the following segments: Commercial Real Estate, Land Operations, and Materials and Construction. The Commercial Real Estate segment includes investments and acquisitions, construction and development, in-house leasing and property management, and asset management.