Alexander & Baldwin, Inc. (ALEX) to Issue Quarterly Dividend of $0.22 on July 8th

Alexander & Baldwin, Inc. (NYSE:ALEX) announced 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 annualized dividend and a dividend yield of 5.45%. The ex-dividend date of this dividend is Friday, June 14th.

Alexander & Baldwin has raised its dividend payment by an average of 37.4% per year over the last three years and has increased its dividend annually for the last 3 consecutive 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 Performance

Shares of NYSE ALEX traded up $0.46 during midday trading on Friday, reaching $16.29. 101,537 shares of the company were exchanged, compared to its average volume of 311,515. The stock has a market cap of $1.18 billion, a P/E ratio of 40.88 and a beta of 1.21. Alexander & Baldwin has a 1 year low of $15.53 and a 1 year high of $19.99. The stock has a fifty day simple moving average of $16.38 and a 200 day simple moving average of $16.97. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.46.

Analysts Set New Price Targets

ALEX has been the topic of a number of research analyst reports. Piper Sandler decreased their price objective on shares of Alexander & Baldwin from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, March 14th. TheStreet cut Alexander & Baldwin from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.50.

Alexander & Baldwin Company Profile

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.