Alexander & Baldwin, Inc. (NYSE:ALEX) Declares $0.22 Quarterly Dividend

Alexander & Baldwin, Inc. (NYSE:ALEX) declared 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 dividend on an annualized basis and a dividend yield of 5.43%. The ex-dividend date of this dividend is Friday, June 14th.

Alexander & Baldwin has raised its dividend by an average of 37.4% per year over the last three years and has raised its dividend every year for the last 3 years. Alexander & Baldwin has a payout ratio of 134.8% meaning 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 Up 3.3 %

ALEX stock traded up $0.53 during trading on Friday, reaching $16.36. 56,173 shares of the company traded hands, compared to its average volume of 310,832. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 40.88 and a beta of 1.21. The business has a 50 day simple moving average of $16.38 and a 200 day simple moving average of $16.97. Alexander & Baldwin has a 12 month low of $15.53 and a 12 month high of $19.99.

Analyst Upgrades and Downgrades

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