Alexander's (NYSE:ALX) Trading Down 3.6% Following Weak Earnings

Key Points

• Alexander's, Inc. (NYSE:ALX) shares fell by 3.6% on Monday, closing at $236.40 after previously trading as low as $238.35, with trading volume down 51% from average levels.
• The real estate investment trust reported $4.06 earnings per share for the latest quarter, beating estimates of $3.57, but revenue of $54.92 million was below the forecast of $56.00 million.
• A $4.50 quarterly dividend was declared, representing an annual yield of 8.3%, with a remarkably high dividend payout ratio of 233.16%.

Alexander's, Inc. (NYSE:ALX - Get Free Report)'s share price dropped 3.6% on Monday following a dissappointing earnings announcement. The stock traded as low as $238.35 and last traded at $236.40. Approximately 15,138 shares were traded during trading, a decline of 51% from the average daily volume of 30,891 shares. The stock had previously closed at $245.25.

The real estate investment trust reported $2.88 earnings per share for the quarter, missing analysts' consensus estimates of $3.08 by ($0.20). The business had revenue of $51.59 million during the quarter, compared to analysts' expectations of $51.90 million. Alexander's had a return on equity of 22.12% and a net margin of 17.14%.

Alexander's Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 11th will be given a $4.50 dividend. This represents a $18.00 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date of this dividend is Monday, August 11th. Alexander's's payout ratio is 247.25%.

Hedge Funds Weigh In On Alexander's

A number of institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its position in Alexander's by 3.5% in the first 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 last quarter. Nuveen LLC bought a new position in shares of Alexander's in the 1st quarter worth approximately $62,118,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Alexander's by 17.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 66,499 shares of the real estate investment trust's stock worth $13,909,000 after buying an additional 9,689 shares during the last quarter. H 2 Credit Manager LP bought a new stake in Alexander's during the first quarter valued at approximately $13,663,000. Finally, Geode Capital Management LLC increased its holdings in Alexander's by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 57,932 shares of the real estate investment trust's stock valued at $11,593,000 after buying an additional 687 shares during the last quarter. 31.99% of the stock is currently owned by hedge funds and other institutional investors.

Alexander's Stock Down 0.9%

The company's 50-day simple moving average is $234.18 and its two-hundred day simple moving average is $216.25. The firm has a market capitalization of $1.14 billion, a P/E ratio of 30.69 and a beta of 0.85. The company has a debt-to-equity ratio of 6.79, a current ratio of 9.78 and a quick ratio of 11.19.

Alexander's Company Profile

Alexander's, Inc NYSE: ALX is a real estate investment trust (REIT), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to we, us, our, Company and Alexander's refer to Alexander's, Inc and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (Vornado) NYSE: VNO.