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

Alexander & Baldwin, Inc. (NYSE:ALEX) announced a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date is Friday, September 20th. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.22.

Alexander & Baldwin has increased its dividend payment by an average of 37.4% annually over the last three years. Alexander & Baldwin has a dividend 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. Equities 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 Trading Up 0.4 %

NYSE:ALEX opened at $18.35 on Friday. Alexander & Baldwin has a 52-week low of $15.53 and a 52-week high of $19.99. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $16.94 and a 200-day simple moving average of $16.86. The company has a market capitalization of $1.33 billion, a PE ratio of 30.08 and a beta of 1.26.

Alexander & Baldwin (NYSE:ALEX) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. Alexander & Baldwin had a net margin of 20.25% and a return on equity of 4.76%. The firm had revenue of $61.20 million during the quarter, compared to the consensus estimate of $51.55 million. During the same period last year, the firm posted $0.29 EPS. On average, equities research analysts expect that Alexander & Baldwin will post 1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $17.00 to $22.00 in a research note on Friday. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.00.

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.