Alexander's (NYSE:ALX) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded Alexander’s from “hold” to “buy,” while Weiss Ratings and Zacks Research also raised their ratings. MarketBeat lists a “Moderate Buy” consensus and a $212 price target.
• Alexander’s exceeded quarterly expectations, reporting $3.02 EPS versus a $3.00 estimate and $54.71 million in revenue versus expectations of $54.10 million.
• The stock opened at $276.86, near its 52-week high of $289.43; institutional investors own 31.99% of shares, while an Alexander’s director recently sold 423 shares.

Alexander's (NYSE:ALX - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Several other brokerages also recently commented on ALX. Piper Sandler upped 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 upgraded shares of Alexander's from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday. Finally, Zacks Research raised shares of Alexander's from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $212.00.

Alexander's Price Performance

NYSE ALX opened at $276.86 on Friday. The company has a current ratio of 16.78, a quick ratio of 6.92 and a debt-to-equity ratio of 3.73. Alexander's has a 1 year low of $201.28 and a 1 year high of $289.43. The company has a market cap of $1.41 billion, a PE ratio of 8.38 and a beta of 0.77. The stock's 50-day moving average price is $268.88 and its two-hundred day moving average price is $251.04.

Alexander's (NYSE:ALX - Get Free Report) last announced its earnings results on Monday, August 3rd. The real estate investment trust reported $3.02 EPS for the quarter, topping the consensus estimate of $3.00 by $0.02. The company had revenue of $54.71 million during the quarter, compared to analysts' expectations of $54.10 million. Alexander's had a net margin of 79.06% and a return on equity of 123.09%. On average, analysts predict that Alexander's will post 16.52 EPS for the current year.

Insider Buying and Selling at Alexander's

In other news, Director Russell B. Wight, Jr. sold 423 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $267.00, for a total value of $112,941.00. Following the transaction, the director owned 900 shares in the company, valued at $240,300. This represents a 31.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its holdings in shares of Alexander's by 3.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 355,152 shares of the real estate investment trust's stock valued at $74,284,000 after acquiring an additional 12,060 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Alexander's during the fourth quarter worth $60,372,000. SG Americas Securities LLC raised its holdings in shares of Alexander's by 582.3% during the first quarter. SG Americas Securities LLC now owns 74,728 shares of the real estate investment trust's stock worth $17,651,000 after acquiring an additional 63,776 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Alexander's by 5.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,391 shares of the real estate investment trust's stock valued at $15,860,000 after purchasing an additional 3,892 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Alexander's by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 57,402 shares of the real estate investment trust's stock valued at $12,512,000 after purchasing an additional 234 shares during the last quarter. 31.99% of the stock is owned by hedge funds and other institutional investors.

Alexander's Company Profile

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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