Alexander's (NYSE:ALX) Issues Quarterly Earnings Results

Key Points

• Alexander’s reported quarterly EPS of $30.24, far exceeding the $3.00 analyst consensus, while revenue of $54.71 million slightly surpassed expectations of $54.10 million.
• The REIT declared a quarterly dividend of $4.50 per share, or $18.00 annualized, representing a 7.0% yield; the dividend payout ratio is 450%.
• Despite the earnings beat, analysts maintain a cautious outlook, with a consensus “Reduce” rating and a $212 price target versus the stock’s $256.25 opening price.

Alexander's (NYSE:ALX - Get Free Report) announced its quarterly earnings data on Monday. The real estate investment trust reported $30.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.00 by $27.24, FiscalAI reports. Alexander's had a net margin of 9.72% and a return on equity of 17.38%. The company had revenue of $54.71 million during the quarter, compared to analysts' expectations of $54.10 million.

Alexander's Stock Performance

Shares of NYSE:ALX opened at $256.25 on Monday. The firm's 50 day simple moving average is $266.51 and its 200-day simple moving average is $249.82. The company has a debt-to-equity ratio of 9.17, a quick ratio of 6.92 and a current ratio of 6.92. Alexander's has a one year low of $201.28 and a one year high of $289.43. The firm has a market cap of $1.31 billion, a PE ratio of 64.06 and a beta of 0.77.

Alexander's Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 10th will be given a dividend of $4.50 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $18.00 dividend on an annualized basis and a dividend yield of 7.0%. Alexander's's dividend payout ratio (DPR) is 450.00%.

Insider Buying and Selling

In other Alexander's news, Director Russell B. Wight, Jr. sold 423 shares of Alexander's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $267.00, for a total transaction of $112,941.00. Following the completion of the sale, the director directly owned 900 shares of the company's stock, valued at $240,300. The trade was a 31.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 26.36% of the stock is owned by insiders.

Institutional Trading of Alexander's

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its position in shares of Alexander's by 3.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 355,152 shares of the real estate investment trust's stock worth $74,284,000 after purchasing an additional 12,060 shares during the period. Jane Street Group LLC increased its holdings in shares of Alexander's by 48.3% in the 1st quarter. Jane Street Group LLC now owns 4,996 shares of the real estate investment trust's stock valued at $1,045,000 after acquiring an additional 1,628 shares during the period. Strs Ohio bought a new position in shares of Alexander's in the 1st quarter worth $84,000. Creative Planning boosted its position in Alexander's by 17.3% during the second quarter. Creative Planning now owns 1,201 shares of the real estate investment trust's stock valued at $271,000 after purchasing an additional 177 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Alexander's by 11.4% in the second quarter. Legal & General Group Plc now owns 2,975 shares of the real estate investment trust's stock valued at $670,000 after purchasing an additional 305 shares during the last quarter. 31.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALX. Piper Sandler lifted their price target on shares of Alexander's from $190.00 to $212.00 and gave the company an "underweight" rating in a research report on Tuesday, July 21st. Weiss Ratings reissued a "hold (c)" rating on shares of Alexander's in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $212.00.

About Alexander's

Alexander's NYSE: ALX is a publicly traded real estate investment trust focused on owning, leasing and managing commercial properties in the New York metropolitan area. The company's portfolio encompasses office buildings, retail storefronts and parking facilities, all held on a wholly owned basis. By concentrating on prime urban and suburban locations, Alexander's seeks to generate stable rental income and long-term asset appreciation.

Founded in 1928 as a family-run department store chain, Alexander's transitioned during the early 1990s into a pure-play real estate company following the sale of its retail operations.

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