Renaissance Technologies LLC Decreases Stock Position in Alexander's, Inc. $ALX

Key Points

• Renaissance Technologies cut its Alexander’s stake by 22% in the first quarter, selling 7,206 shares and retaining 25,520 shares valued at approximately $6.0 million. Institutional investors collectively own 31.99% of the REIT.
• Analysts maintain a cautious outlook, with an average rating of “Reduce” and a $212 price target; Piper Sandler raised its target to $212 while keeping an “underweight” rating.
• Alexander’s reported quarterly EPS of $3.02, narrowly beating estimates, and revenue of $54.71 million. The company declared a $4.50 quarterly dividend, equivalent to an annualized $18.00 payout and a 6.6% yield.

Renaissance Technologies LLC cut its stake in Alexander's, Inc. (NYSE:ALX - Free Report) by 22.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,520 shares of the real estate investment trust's stock after selling 7,206 shares during the quarter. Renaissance Technologies LLC owned about 0.50% of Alexander's worth $6,028,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in Alexander's by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 116 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 100 shares during the last quarter. Van ECK Associates Corp purchased a new stake in shares of Alexander's in the third quarter worth approximately $32,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Alexander's during the 4th quarter worth approximately $38,000. Tower Research Capital LLC TRC lifted its stake in shares of Alexander's by 89.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 208 shares of the real estate investment trust's stock worth $47,000 after acquiring an additional 98 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in Alexander's by 104.0% during the 3rd quarter. Larson Financial Group LLC now owns 204 shares of the real estate investment trust's stock valued at $48,000 after acquiring an additional 104 shares during the period. 31.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on ALX. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Alexander's in a research report on Friday, July 17th. Piper Sandler upped their target price on Alexander's from $190.00 to $212.00 and gave the stock an "underweight" rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $212.00.

Insiders Place Their Bets

In other Alexander's news, Director Russell B. Wight, Jr. sold 423 shares of the firm'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 completion of the sale, the director owned 900 shares of the company's stock, valued at approximately $240,300. This trade represents a 31.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 26.36% of the stock is currently owned by company insiders.

Alexander's Trading Up 4.4%

ALX opened at $273.34 on Wednesday. The company has a current ratio of 6.92, a quick ratio of 6.92 and a debt-to-equity ratio of 9.17. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 68.33 and a beta of 0.77. Alexander's, Inc. has a 12 month low of $201.28 and a 12 month high of $289.43. The stock has a fifty day moving average price of $267.27 and a 200-day moving average price of $250.35.

Alexander's (NYSE:ALX - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $3.02 earnings per share for the quarter, beating analysts' consensus estimates of $3.00 by $0.02. Alexander's had a return on equity of 155.22% and a net margin of 79.06%.The company had revenue of $54.71 million for the quarter, compared to the consensus estimate of $54.10 million. As a group, equities research analysts anticipate that Alexander's, Inc. will post 11.87 earnings per share for the current fiscal year.

Alexander's Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 10th will be given a dividend of $4.50 per share. This represents a $18.00 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Monday, August 10th. Alexander's's dividend payout ratio is presently 450.00%.

Alexander's 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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