StockNews.com Initiates Coverage on Alexander & Baldwin (NYSE:ALEX)

StockNews.com initiated coverage on shares of Alexander & Baldwin (NYSE:ALEX – Get Rating) in a research note issued to investors on Thursday. The brokerage issued a hold rating on the financial services provider’s stock.

Alexander & Baldwin Stock Performance

Shares of NYSE ALEX opened at $17.66 on Thursday. The company has a 50-day simple moving average of $19.16 and a 200-day simple moving average of $18.81. 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 company has a market cap of $1.28 billion, a PE ratio of -24.87 and a beta of 1.30. Alexander & Baldwin has a 12 month low of $15.80 and a 12 month high of $24.02.

Alexander & Baldwin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 4th. Shareholders of record on Friday, March 17th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $0.88 annualized dividend and a yield of 4.98%. Alexander & Baldwin’s dividend payout ratio (DPR) is presently -123.94%.

Institutional Investors Weigh In On Alexander & Baldwin

Several hedge funds have recently made changes to their positions in ALEX. American Century Companies Inc. boosted its stake in Alexander & Baldwin by 126.5% in the 1st quarter. American Century Companies Inc. now owns 37,890 shares of the financial services provider’s stock worth $879,000 after buying an additional 21,161 shares during the last quarter. Citigroup Inc. boosted its position in shares of Alexander & Baldwin by 25.8% in the first quarter. Citigroup Inc. now owns 115,180 shares of the financial services provider’s stock worth $2,671,000 after acquiring an additional 23,639 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Alexander & Baldwin by 38.2% in the first quarter. MetLife Investment Management LLC now owns 37,273 shares of the financial services provider’s stock valued at $864,000 after purchasing an additional 10,311 shares during the period. Rhumbline Advisers increased its position in Alexander & Baldwin by 0.5% during the first quarter. Rhumbline Advisers now owns 222,242 shares of the financial services provider’s stock worth $5,154,000 after purchasing an additional 1,058 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Alexander & Baldwin by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 62,528 shares of the financial services provider’s stock worth $1,450,000 after purchasing an additional 7,710 shares during the period. Institutional investors and hedge funds own 85.56% of the company’s stock.

About Alexander & Baldwin

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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.