Alexander's, Inc. $ALX Position Cut by Denali Advisors LLC

Key Points

• Denali Advisors cut its Alexander’s stake by 59.8% in the second quarter, selling 13,700 shares and retaining 9,200 shares valued at approximately $2.535 million. Institutional investors collectively own 31.99% of the REIT.
• Analyst sentiment is generally positive: Alexander’s has a “Moderate Buy” consensus rating and a $212 price target, despite Piper Sandler maintaining an “underweight” rating.
• Alexander’s exceeded quarterly earnings and revenue expectations, reporting $3.02 in EPS and $54.71 million in revenue. The company declared a $4.50 quarterly dividend, equivalent to an annualized $18.00 payout and a 6.6% yield.

Denali Advisors LLC trimmed its position in shares of Alexander's, Inc. (NYSE:ALX - Free Report) by 59.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,200 shares of the real estate investment trust's stock after selling 13,700 shares during the period. Denali Advisors LLC owned 0.18% of Alexander's worth $2,535,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ALX. Hsbc Holdings PLC bought a new position in Alexander's in the 2nd quarter valued at about $1,489,000. Public Employees Retirement System of Ohio bought a new stake in shares of Alexander's during the 2nd quarter worth about $672,000. Bank of New York Mellon Corp bought a new stake in shares of Alexander's during the 2nd quarter worth about $4,512,000. Militia Capital Management LLC acquired a new stake in shares of Alexander's in the 1st quarter worth approximately $496,000. Finally, Bank of America Corp DE lifted its stake in shares of Alexander's by 11.1% in the 1st quarter. Bank of America Corp DE now owns 2,860 shares of the real estate investment trust's stock worth $676,000 after acquiring an additional 286 shares during the period. Institutional investors own 31.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ALX shares. Piper Sandler increased their price target on Alexander's from $190.00 to $212.00 and gave the company an "underweight" rating in a research note on Tuesday, July 21st. Wall Street Zen raised Alexander's from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings raised Alexander's from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 4th. Finally, Zacks Research raised Alexander's from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Alexander's currently has a consensus rating of "Moderate Buy" and a consensus price target of $212.00.

Alexander's Stock Performance

Shares of ALX stock opened at $273.76 on Thursday. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 8.28 and a beta of 0.77. Alexander's, Inc. has a 1-year low of $201.28 and a 1-year high of $289.43. The company has a current ratio of 16.78, a quick ratio of 16.78 and a debt-to-equity ratio of 3.73. The stock's fifty day simple moving average is $270.94 and its 200-day simple moving average is $252.74.

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

Alexander's Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 10th will be given a $4.50 dividend. 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 6.6%. Alexander's's dividend payout ratio (DPR) is currently 54.46%.

Insider Buying and Selling at Alexander's

In related news, Director Russell B. Wight, Jr. sold 423 shares of Alexander's stock in a transaction on Tuesday, June 9th. The shares were 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 trade represents a 31.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 26.36% of the company's stock.

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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