Alexander's (NYSE:ALX) Stock Price Target Cut by Piper Sandler

Key Points

• Piper Sandler cut Alexander’s price target from $212 to $192 and maintained an “underweight” rating, implying roughly 20% downside from the stock’s $240.80 price.
• Analyst sentiment is mixed, with one Buy, one Hold, and one Sell rating; the consensus rating is “Hold” with a $192 price target.
• Alexander’s exceeded quarterly expectations, reporting $3.02 in EPS versus a $3.00 estimate and $54.71 million in revenue versus $54.10 million expected. Institutional investors own approximately 32% of the company.

Alexander's (NYSE:ALX - Get Free Report) had its price target reduced by Piper Sandler from $212.00 to $192.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an "underweight" rating on the real estate investment trust's stock. Piper Sandler's price objective suggests a potential downside of 20.27% from the stock's current price.

ALX has been the topic of several other reports. Wall Street Zen raised Alexander's from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Alexander's from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 25th. Finally, Weiss Ratings raised shares of Alexander's from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Alexander's currently has an average rating of "Hold" and a consensus price target of $192.00.

Alexander's Stock Performance

Shares of ALX stock traded down $0.19 on Monday, hitting $240.80. 9,734 shares of the stock traded hands, compared to its average volume of 54,034. The company has a debt-to-equity ratio of 3.73, a current ratio of 16.78 and a quick ratio of 16.78. The company has a market capitalization of $1.23 billion, a PE ratio of 7.24 and a beta of 0.80. Alexander's has a 1-year low of $201.28 and a 1-year high of $289.43. The company's fifty day moving average is $259.01 and its 200 day moving average is $256.55.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Resona Asset Management Co. Ltd. lifted its holdings in Alexander's by 7.9% in the first quarter. Resona Asset Management Co. Ltd. now owns 958 shares of the real estate investment trust's stock worth $227,000 after purchasing an additional 70 shares during the period. The Manufacturers Life Insurance Company grew its position in Alexander's by 7.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,160 shares of the real estate investment trust's stock valued at $274,000 after buying an additional 83 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Alexander's by 1.6% during the 1st quarter. Bank of New York Mellon Corp now owns 15,869 shares of the real estate investment trust's stock valued at $3,748,000 after buying an additional 249 shares during the period. Bank of America Corp DE increased its stake in Alexander's by 11.1% during the 1st quarter. Bank of America Corp DE now owns 2,860 shares of the real estate investment trust's stock valued at $676,000 after buying an additional 286 shares during the period. Finally, Nykredit A S acquired a new position in Alexander's during the 2nd quarter valued at about $96,000. Institutional investors and hedge funds own 31.99% of the company's stock.

About Alexander's

Alexander's, Inc NYSE: ALX is a self-administered and self-managed real estate investment trust that owns, manages and develops commercial and residential properties primarily in the New York metropolitan area. The company's portfolio is concentrated in high-density locations with access to transportation, employment centers and retail activity.

Alexander's properties include 731 Lexington Avenue in Manhattan, a mixed-use office and retail complex that includes Bloomberg's headquarters; Rego Park Center, a retail and office complex in Queens; and The Alexander, a residential apartment property in Manhattan.

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